The value of tuna exports from Vietnam declined in March as demand from most major markets fell sharply due to the COVID-19 outbreak.
According to Vietnam Association of Seafood Exporters and Producers (VASEP), the country exported tuna worth USD 52 million (EUR 48 million) in the month, a drop of 21.6 percent compared to 2019. Vietnam exported tuna worth USD 146.5 million (EUR 135 million) in the first three months of 2019, down 10.4 percent from the same period last year.
Sales to the United States, the biggest buyer of tuna from Vietnam, fell 23 percent year-on-year in March as lockdowns in the world’s largest economy have driven down demand, VASEP said.
Exports to the European Union, the second-largest destination for tuna from Vietnam, also dwindled in the month, with a year-on-year decline of 27 percent. Exports were largely disrupted as the outbreak spread in Spain, Italy, and Germany. Stockpiles of tuna in Europe were high even before the pandemic, as importers in the bloc increased purchases by the end of last year due to low prices at the time, according to VASEP. As a result, numerous orders for tuna from Vietnam have been postponed or canceled, VASEP said.
ASEAN was the third-biggest customer of tuna from Vietnam in March. Sales to the bloc were down 15 percent year-on-year to USD 9.6 million (EUR 8.9 million) in the first quarter.
Despite disruptions caused by the pandemic, sales to Japan, Canada, and Egypt rose between 15 and 53 percent year-on-year in the first quarter. These three markets accounted for about 11 percent of Vietnam’s total tuna export value.
The pandemic has altered consumption trend of tuna in the world. Lockdowns in several countries have contributed to a drop in sales of fresh and frozen tuna. Meanwhile, demand for canned tuna products, especially those of small sizes, has risen as consumers shift their seafood buying to shelf-stable items from supermarkets.
VASEP said the virus crisis has also negatively affected supply of tuna in the world as many island states in the Pacific have banned fishing boats from unloading at their ports as part of their measures to contain the spread of the COVID-19.
Photo courtesy of Vietnam Association of Seafood Exporters and Producers
