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Canned Tuna Exports to the EU Continue to Rise

VIET NAM
Wednesday, June 26, 2024, 07:00 (GMT + 9)

Among Vietnam's tuna products exported to the EU in the first 5 months of 2024, canned tuna is the main product, accounting for nearly 49% of total export turnover. Compared to 2023, Vietnam's exports of this product group will increase by nearly 33%, reaching more than 43 million USD. Compared to the first 5 months of 2023, canned tuna exports to this market block are increasing.

Source: Vasep

Currently, Germany, Poland, the Netherlands, Italy, Cyprus and Denmark are the 6 largest import markets. Among them, Poland and Denmark are two countries that are sharply increasing their imports of canned tuna from Vietnam over the same period, 300% and 246% respectively. On the contrary, the Netherlands reduced imports from Vietnam. The reason for this decrease is that since transportation costs increased, EU countries tended to reduce tuna imports through Dutch transshipment ports, increasing direct imports to reduce costs.

Source: Rewe -->

However, while the EU is increasing imports of canned tuna from Vietnam, it is decreasing imports from most major sources. EU canned tuna imports in the first quarter of the year are down 34% in volume over the same period.

Concerns about inflation and rising prices are causing EU importers to reduce imports.

Ecuador, Ivory Coast and Seychelles are the three largest canned tuna suppliers to the EU, accounting for 44% of the EU's total tuna import volume.

Ecuador is the only country with export growth to the EU in the first months of 2024. This South American country, with tariff advantages under the FTA with the EU, is increasingly increasing its market share. Meanwhile, Vietnam is still a very small supply source for this market.

Source: Vasep

According to businesses, solving the IUU yellow card issue that the EU gives to Vietnam is a complex and long-term problem. However, if agencies and departments speed up progress to troubleshoot businesses in the current period, it will be an opportunity to increase exports to the EU market.

Author: Nguyen Ha | Vasep (Translated from the original in Vietnamese)

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www.seafood.media

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