Exports of tuna from Vietnam to most major markets continue to be affected by the global outbreak of the coronavirus, according to Vietnam Association of Seafood Exporters and Producers (VASEP).
On Thursday, 25 June., VASEP announced that in the first five months of this year, Vietnam exported tuna worth nearly USD 241 million (EUR 213.5 million), down 20 percent from the same period in 2019.
The value of the exports to most of the 10 biggest destinations during January through May declined, except for Japan (increasing 31 percent year-on-year) and Egypt (76 percent higher year-on-year).
High demand for canned goods during the pandemic globally also helped boost the export value of Vietnam's canned tuna by 9 percent thus far in 2020, VASEP said.
Exports to the United States, the biggest market for tuna from Vietnam, have not showed signs of recovery after a crash caused by COVID-19, with the value falling by 21 percent year-on-year to USD 102 million (EUR 90.4 million) over January through May. However, the export value of canned tuna surged nearly 11 percent compared to the same period in 2019.
The European Union was the number-two destination for tuna from Vietnam. The spread of the coronavirus, with lockdowns applied in several countries, has significantly affected tuna demand in the bloc. Moreover, the yellow card imposed against Vietnam by the European Commission in 2017 and high import duties for tuna from Vietnam together led to lower competitiveness of Vietnamese tuna products in the E.U. market, VASEP said. As a result, the value of the tuna exports from Vietnam to the bloc went down 11 percent year-on-year to USD 48 million (EUR 42.5 million) in the first five months.
However, things may change with a free trade agreement between the two countries expected to enter into force in August. Under the deal, the E.U. will give Vietnam annual quotas for duty-free imports of 11,500 metric tons (MT) of canned tuna and 500 MT of canned fish balls after 1 August, 2020.
Vietnam's tuna exports to the ASEAN bloc, Vietnam’s third-largest buyer of tuna, also dived 17 percent year-on-year to USD 15 million (EUR 13.3 million) in value in the first five months. Sales in value terms contracted 68 percent and 50 percent to Thailand and the Philippines, respectively. However, exports to Singapore soared 438 percent year-on-year in value terms in the period, VASEP said.
Photo courtesy Renata Apanaviciene/Shutterstock
