According to statistics from Vietnam Customs, Vietnam's tuna exports in October reached nearly 93 million USD, up 22% over the same period in 2023. In the first 10 months of 2024, the total export turnover reached more than 821 million USD, up 18% over the same period in 2023.

This is the first time in the past 25 months that the monthly export value of tuna has reached over 90 million USD. And if this growth momentum is maintained, Vietnam's tuna exports are likely to end 2024 with a total turnover of about 1 billion USD, up 18%.

Vietnam's tuna product groups' exports this month also increased compared to the same period last year. Notably, exports of frozen tuna meat/loin products with code HS0304 tend to grow rapidly in the last months of this year.

In all markets, tuna exports to major markets increased in October, except for the EU and South Korea.

The use of preferential tariff quotas and difficulties in implementing regulations related to combating IUU fishing have hindered tuna exports to the EU in the last months of the year. Exports to this market decreased by 15% in October, however, due to good growth in the first months of the year, the cumulative tuna exports in the first 10 months of the year still increased by 17%.

In contrast, tuna exports to the US market, after slowing down in the third quarter, tended to accelerate again in the last months of the year. Increased demand for seafood during the year-end holidays, combined with the effects of the presidential election, have boosted the country's tuna import demand. Tuna exports to the US increased by 30% in October.

Along with the US, the Middle East market is also increasing its tuna imports from Vietnam. Exports to this market are increasing rapidly. The export value to markets in the bloc has mostly grown at a high rate in the first 10 months of this year, such as Israel increasing by 55%, Egypt increasing by 70% or Saudi Arabia increasing by 72%... Although political conflicts in this region have affected exports to some countries in this region such as Israel or Iran in recent times. However, the signing of the Comprehensive Economic Partnership Agreement between Vietnam and the United Arab Emirates - UAE (CEPA) has created momentum to promote tuna exports to this market.

Notably in October is the recovery of tuna exports to Japan. The value of tuna exports to this market in October increased by nearly 31% over the same period. The Japanese economic picture has brightened up a lot after many long gloomy months. Along with the economic recovery, Japan's domestic currency has strengthened significantly since September, increasing the market's demand for seafood imports, including tuna.

Source: VASEP