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Tuesday, July 16, 2024

Canned tuna exports to S.Korea surges nearly 500%

The Saigon Times

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HCMC – Vietnam’s tuna exports are currently riding a robust upswing, with a significant focus on canned products witnessing an impressive 468% surge compared to the same period last year, reported the Vietnam Association of Seafood Exporters and Producers (VASEP).

While the tuna shipments of major exporters show different trends, Vietnam’s exports to South Korea are experiencing a substantial expansion, stated VASEP.

Customs data in the first seven months of this year discloses a 2.5-fold surge in tuna exports to South Korea over the year-ago period, resulting in a considerable revenue surpassing US$7 million.

Moreover, the export of tuna products has notably surged, particularly within the processed and canned categories. Noteworthy is the staggering growth of 468% in the export of canned tuna.

Throughout the first seven months of the year, the average export price of canned tuna from Vietnam to the Korean market ranged from US$3.2-3.5 per kilogram.

VASEP attributes Korea’s heightened tuna imports from countries like Vietnam to the decrease in fishing fleet output, despite escalating commodity costs. In addition, the economic downturn has also spurred a preference for cost-effective marine products, driving up the demand for canned food.

Currently, dominant tuna exporters to Korea from Vietnam include Tuna Vietnam, Nha Trang Bay, and Phat Trien Seafood, contributing to 64% of the overall revenue.

Although Vietnam ranks eighth among tuna sources in Korea, it has secured the position of the primary source of processed and canned tuna in the first half of 2023, surpassing Thailand and Italy.

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