FOX LOGISTICS SERVICE COMPANY LIMITED
Address 273/3 Nguyen Trong Tuyen, Ward 10, Phu Nhuan District, Ho Chi Minh City, Vietnam
Counter Address 9A1 Street 48, Tan Phong Ward, District 7, Ho Chi Minh City, Vietnam
According to the Vietnam Association of Seafood Exporters and Producers, in August 2023, the export of tuna to Chile increased by 75%, reaching nearly 1.3 million USD. Accumulated over the first 8 months of 2023, the tuna export to Chile reached over 10 million USD, a 65% increase compared to the same period in 2022. If we consider the 8-month period, this is the highest figure in the past 3 years.
Processing tuna for export at Binh Dinh Seafood Company. Photo by T.H.
In the first 8 months of this year, Chile has shown a strong tendency to increase its imports of processed and canned tuna from Vietnam, rising by 131% compared to the same period in 2022. Along with this, the export of frozen tuna meat and loins has also increased significantly by 39%. Currently, Chile primarily imports frozen tuna meat from Vietnam, accounting for nearly 60% of the total tuna export value to this market.
Vietnam is currently the fourth-largest source of tuna supply to Chile after Thailand, Ecuador, and China. This year, due to a sharp decrease in tuna supply from Ecuador to Chile, the country has been increasing its imports from other countries, including Thailand and Vietnam.
In the first half of this year, inflation in Chile stood at 2.1%, the lowest level in the past 3 years. As of June 2023, the consumer price index in the country continued to decrease. This is driving consumer spending in the country.
Vietnam, with its advantage of import tariffs as committed in the CPTPP agreement, will be a strong player for businesses looking to expand their operations in this market. Therefore, Vietnam's tuna exports to Chile are expected to continue to grow in the coming months.