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Export of tuna to the US market is gradually recovering and showing positive signs in 2024

15/03/2024 14:58

Vietnam's export of tuna to the United States in 2023 declined due to reduced market demand. However, positive signs of recovery have emerged in the early months of the year.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in January, Vietnam's tuna exports to the US accelerated with a nearly 62% increase in value. Despite January 2023 coinciding with the Lunar New Year holiday, this surge may indicate a recovery in the US market.

Previously, in 2023, Vietnam's tuna exports earned $845 million, a 17% decrease compared to the previous year, with the US accounting for 39% of the total export value.

According to VASEP, the US remained Vietnam's largest tuna export market in 2023, with $327 million, a 33% decrease from the previous year. After continuous growth in October and November, tuna exports to the US slightly decreased by 1% in December, reaching $25 million.

Vietnam's tuna exports to the US declined due to reduced market demand. Inflation and the depreciation of the the USD led to tighter consumer spending in the US. Specifically, exports reached nearly $327 million, a 33% decrease compared to 2022. However, Vietnam's tuna exports showed signs of recovery in the fourth quarter of 2023, with a slight increase of nearly 8% compared to the same period.

According to statistics from the US Department of Agriculture, the country not only reduced imports of tuna from Vietnam in 2023 but also from most other sources.

During this period, Thailand and Indonesia, Vietnam's competitive rivals in the same region also experienced declines. Imports from Ecuador were also unfavorable.

Currently, after reaching a record high in seafood imports in 2022, the US is gradually reducing its reliance on fish and shellfish from other countries.This is expected to impact the overall seafood imports in general, particularly tuna of the US from various countries, including Vietnam.

However, as of the end of 2023, consumer confidence improved due to better inflation prospects. VASEP predicts that US tuna imports will improve, but the recovery rate will be slow.



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