Canned tuna exports to RoK increase by nearly 500%

Illustrative photo (Source: tapchicongthuong.vn)

The VASEP assessed that Vietnam's tuna exports to the Republic of Korea (RoK) are increasing impressively, while exports to other main import markets are decreasing. According to statistics from the customs agency, over the past 7 months, tuna exports to the RoK increased 2.5 times over the same period last year, reaching more than USD7 million.

In the group of exported tuna products, processed and canned products are increasing sharply, especially canned tuna with an increase of 468%.

In the first 7 months of the year, the average export price of canned tuna from Vietnam to this market fluctuated between USD3.20-3.50 per kg. The average export price of meat products/cans of steamed frozen tuna was USD4.70-6 per kilogram.

Currently, Tuna Vietnam, Nha Trang Bay and Phat Trien Seafood are the three companies exporting the most tuna to the RoK, accounting for 64% of total turnover.

According to VASEP, the reason the RoK increased its tuna imports from countries, including Vietnam, was the decrease in fishing output of the fleets. The increased demand for canned food was due to the economic recession; people have to tighten their spending, so they prioritize cheap seafood products.

In the RoK, Vietnam is the eighth largest source of tuna, but is the largest source of processed and canned tuna in the first half of 2023, higher than Thailand and Italy. According to data from the International Trade Center (ITC), in the past 6 months, while total tuna imports into Korea decreased by 7% in volume, imports from Vietnam increased more than 4 times.

Vietnam's canned processed tuna products account for nearly 77% of RoK's total imports of this product group. Thailand is next with a 16% market share./.