Exports of tuna from Vietnam to the E.U. surged in Q3 2022 on higher demand.
Vietnam's E.U. sales between July and September rose 47 percent year-on-year to more than USD 46 million (EUR 46.3 million). The total was also 41 percent higher than the same period in 2019. September's sales alone reached a value of USD 31 million (EUR 31.2 million), up 33 percent from a year earlier and the largest monthly value so far this year, according to Vietnam Association of Seafood Exporters and Producers (VASEP).
In the first nine months of 2022, Vietnam shipped tuna products worth USD 123 million (EUR 123.9 million) to the E.U., up 16 percent year-on-year.
VASEP attributed the growth in the third quarter to high demand in the E.U. ahead of the holiday season. Additionally, E.U. importers shifted some of their purchasing to Asian suppliers due to higher prices in Ecuador, the trade body said. Vietnam also benefitted from its free trade agreement (EVFTA) with the E.U., giving it a competitive advantage over the Philippines, Indonesia, and Thailand.
Germany Belgium, Romania, Denmark, and France significantly increased their purchases of Vietnamese tuna in the period, while exports to Spain and Italy fell.
VASEP expects sales of canned tuna to the E.U. to continue to rise, but because of the devaluation of the euro against the U.S. dollar, canned tuna products are becoming more expensive for consumers in the E.U. As a result, E.U. importers are likely to seek out lower prices and trade with lower tariffs, which said it believes will help Vietnam's tuna sector in the final quarter of 2022.
More than 50 companies from Vietnam sent tuna products to the E.U. in the first nine months, with Bidifishco, Tuna Vietnam, and FoodTech accounting for nearly 45 percent of the total value.
Photo courtesy of Toan Dao/SeafoodSource
