Vietnam's tuna sales fell in October 2022 to the lowest level in seven months as sales to the U.S. and other markets dropped, according to Vietnam Association of Seafood Exporters and Producers (VASEP).
Exports in the month were worth USD 76 million (EUR 72.8 million), up 4 percent from the same period in 2021 but the lowest total since April.
High inflation is hitting purchasing power in many markets such as the U.S., Belgium, Israel, Egypt. Inflation is even hitting markets with preferential tariffs and closer shipping distances, VASEP said.
After reaching a peak in April, tuna sales to the U.S. have dropped month-by-month since, reaching a value of USD 31 million (EUR 29.7 million) in October, down 6 percent year-on-year.
The value of the tuna exports from Vietnam to Belgium also declined by 13 percent year-on-year, after recording a sharp increase in September.
Sales to smaller markets – which are considered more promising – such as Mexico, Chile, the Philippines, and Egypt, also contracted in the month.
However, Vietnam's overall sales value for tuna to the E.U. rose to the highest level this year, with a value of USD 19 million (EUR 18.2 million) in October 2022, up 22 percent from October 2021, with Spain (up 33 percent year-on-year) and Germany (10 percent higher year-on-year) being the two markets with positive growth rates.
VASEP said a stronger euro recently has helped strengthen the purchasing power of tuna products, making canned tuna and cooked tuna loins imported into the E.U. become cheaper. Currently tuna importers in the bloc are signing import contracts for delivery in early 2023 to benefit from the E.U. tariff quotas.
Sales to Thailand in the month also jumped 120 percent compared to October 2021.
Overall, Vietnam has exported tuna worth USD 884 million (EUR 847 million) so far in 2022, an increase of 49 percent year-on-year. The export value is expected to reach USD 1 billion (EUR 958 million) by the end of the year, VASEP said.
Photo courtesy of Renata Apanaviciene/Shutterstock
