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Market Potential for Tuna

CANADA
Thursday, April 18, 2024, 07:00 (GMT + 9)

After increasing to the highest level in 2022, Canada's tuna imports in 2023 have dropped to the lowest level in the past 10 years, reaching 35 thousand tons, down 24% compared to 2022. Canada is currently 1 in the 15 largest tuna import markets in the world.

According to statistics from the International Trade Center (ITC), Canada imports tuna from more than 43 countries around the world in 2023, reaching 214 million USD. In particular, Thailand, Italy, Vietnam, USA, Mexico, Indonesia, Ecuador, Sri Lanka and the Philippines are respectively the 9 largest tuna suppliers to this market, accounting for 95% of the total import value.

Source: Vasep

In 2023, Canada's tuna imports from major sources was decreased compared to the previous year.

Currently, Thai tuna products are dominating the Canadian tuna market, with a proportion of up to 52% of the total tuna import turnover of this market. Therefore, to avoid being too dependent on tuna supplies from Thai companies, in recent years Canadian importers have tended to reduce imports from this country. And Canada is increasingly expanding its tuna supply from other countries such as Vietnam, Indonesia or Ecuador...

Vietnam's tuna exports to Canada in recent years

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Vietnam's tuna exports to Canada from 2019 - 2022 had increased. In 2023, due to the impact of economic inflation, causes a decrease in exports. But overall, export turnover in the past 5 years has increased from 21 million USD in 2019 to nearly 34 million USD in 2023, an increase of 57%.

<-- Source: Stockfile FIS

Canada imports a lot of processed and canned tuna from other countries, accounting for more than 80% of total import value. Since the CPTPP Agreement took effect, exports of canned tuna products with HS16 code from Vietnam to Canada have increased significantly. Export turnover of this product group has increased from 8 million USD to nearly 15 million USD in the past 5 years. However, Vietnam's market share is still small, only about 13%, while Thailand is 52% and Italy is 15%.

On the contrary, in the frozen tuna meat/loin market segment with code HS0304 of Canada, Vietnam is leading with a market share of about 46%. Currently, the main competitors with Vietnam for HS code 0304 are Indonesia and Ecuador. However, Canadian demand for products in this product group has not increased much. The CPTPP Agreement does not have a significant immediate impact on export growth of product groups under the HS 0304 code of Vietnam.

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

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www.seafood.media

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