The latest forecast from the Vietnam Association of Seafood Producers and Exporters (VASEP) sees the export value of tuna decreasing by 5 percent over the course of 2015, reeling in an estimated USD 123 million (EUR 109.4 million) for Q2 this year.
The association cited the significant plunge in global tuna prices — down to below USD 1,000 per metric ton (MT) — as well as the depreciation of the euro and the Japanese yen against the U.S. dollar as factoring strongly into the value dip. It was unstable sources of raw tuna, however, that served as the key driver for falling tuna exports, according to VASEP (as reported by The Jakarta Post).
The last three months have been hard on Vietnamese tuna exports and exporters as value plummeted by 9 percent to USD 104.3 million (EUR 92.8 million). Exports to Vietnam’s largest importer, the United States, fell by 1.2 percent and amounted to USD 38 million (EUR 33.8 million) for the quarter, while exports to the E.U. slipped even further to 15.5 percent, totaling USD 28.23 million (EUR 25.1 million). Meanwhile, shipments to Japan underwent the most drastic yearly decline of 43.2 percent, resulting in just USD 4 million (EUR 3.5 million).
Import tax rates have left a great deal of Vietnamese exporters in a bind. VASEP concluded that Vietnam relies on the import of half of its raw tuna, which, as it turns out, is levied by an import tax rate that ranges from 10 to 24 percent. Taxes have ultimately hindered the competitiveness of Vietnamese tuna exporters, VASEP said.
To appease requirements and requests from demanding importers, the association suggested that management and data collection surrounding tuna exploitation be enhanced.
