Vietnam to seek tuna exports opportunities to the UK

 

Tuna fish is the most consumed fish in the global market. In terms of its exports, Thailand ranks the top destination for tuna exports. After Thailand, Vietnam is the second leading tuna fish exporter in the world. According to the Vietnam import export data, Vietnam's tuna fish exports hit a record $1 billion during 2022. As compared to 2021, there was a 33% increase in the exports of tuna from Vietnam.

Vietnam's tuna fish exports are growing in the USA, Saudi Arabia, Thailand, Russia, Philippines, Egypt and European market. As per Vietnam customs data, these countries were responsible for over 90% of Vietnam's total tuna fish exports.  

The United States was the top tuna fish importer from Vietnam during 2022 contributing over 42% of the country's total tuna exports. The total export value was estimated around $487 million. However, the low demand in the USA market has affected Vietnam's tuna exports. 

On the other hand, Vietnam exports to the EU are prospering at the rate of 28% yearly. However, during 2023, Vietnam's tuna exports to the EU declined in 2023. As compared to last year, Vietnam's tuna exports fell by 5% in 2023. 

Among European Union countries, Netherlands and Germany contributed the most in Vietnam's overall tuna exports in 2023.  Vietnam export data shows that the tuna exports shipments to Netherlands and Germany rose to 25 % and 22% respectively. 

Germany was responsible for over $23 million worth of tuna fish imports from Vietnam in 2022. Whereas, the Netherlands had imported over $9 million worth of tuna fish during the same period. The United Kingdom has also emerged as the major tuna fish buying destination from Vietnam. 

As per the sources, the UK is doing more tuna fish imports from Vietnam which indicates a positive growth for Vietnam's tuna fish exports. Vietnam is also the 13th biggest exporter of tuna to the UK.

During the first 7 months of 2023, a growth of 77% is noticed in the exports of tuna from Vietnam to the UK. As compared to last year, the  exports were $4.5 million in 2023. As the global market is suffering from inflation so the demand for tuna fish could be decreased. But it won't affect Vietnam’s exports to Uk. Vietnam has signed the Trans-Pacific Partnership (CPTPP) which will allow its exports to the UK.

On the other hand, exports to Vietnam's potential tuna export markets like Japan and Canada saw a significant decline of 28%. In the first quarter of 2023, Vietnam's squid and octopus exports to Japan increased to 4% and stood around $37 million. Whereas, the exports to Canada were estimated around $14 million during last year.

In the tuna fish exports sector, Vietnam is facing stiff competition from Ecuador, Mauritius, Seychelles. Through a data driven marketing strategy, Vietnamese agribusiness companies could excel their seafood exports to the global market. Exim Trade Data, which is a leading global import export data provider company has developed its own market research platform.

With this platform, companies can spot tuna fish export opportunities in the global market. They can identify market demand, analyse product price, quantity, importing countries, buyers, suppliers and competitor companies. It is the most economical way to get cost effective business leads for your company and establish tun fish exports.