Tuna exports to Canada prosper in end of 2023

According to recent statistics from the Vietnam Association of Seafood Exporters and Producers (VASEP), tuna exports in the first 11 months of the year earned more than 772 million USD, down 19% compared to the same period in 2022. In spite of decline in exports to main markets such as the US and China, exports of this product to the Canadian market increased strongly in the last months of the year.

In November 2023, tuna export value to the Canadian market increased by 117%. (Photo: congthuong.vn)

In November 2023 alone, tuna export value to Canada increased by 117%. This number has contributed to raising the total export value to Canada in the first 11 months of 2023 to nearly 31 million USD, a decrease of 37% compared to the same period last year.

Citing statistics from the International Trade Center (ITC), VASEP said that in the first 9 months of 2023, Canada’s tuna imports from other countries reached nearly 154 million USD. Vietnam ranked third among the exporters with a market share of 12%, behind Thailand and Italy.

Among tuna products, Vietnam mainly supplies frozen tuna meat and canned tuna to the market, with a proportion of 54% and 40%, respectively. VASEP predicted that in 2023, Vietnam’s exports of these two product groups to Canada both decreased compared to 2022.

Canada was the 12th largest tuna import market in the world in 2022. The import turnover of this market reached more than 272 million USD, an increase of 40% compared to 2021. With this growth, Canada is considered a potential tuna market for Vietnam, especially after the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) took effect.

However, tuna exports to the Canadian market are forecast not be able to fully recover in the coming months, especially in the context of increasing consumer credit debt of Canadians and people tightening spending./.