Tuna exports to Canada regain growth
Tuesday, 31/10/2023 16:59 (GMT+7)
The value of tuna exports to Canada in September 2023 has reversed, increasing by 44% over the same period last year, worth 3 million USD, cutting the reduction momentum of the previous 8 consecutive months, according to statistics from the General Department of Customs.
Vietnam’s seafood export report shows that after a period of continuous growth in 2022, tuna exports to the Canadian market are strongly influenced by inflation, directly impacting consumer demand and orders and causing tuna export turnover decline since the beginning of 2023.
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| Tuna exports to Canada regain growth in September. (Photo: congthuong.vn) |
In the first 9 months of 2023, tuna exports to Canada reached nearly 23 million USD, down 47% from the same period last year.
According to data from the Canadian Ministry of Agriculture and Food, in 2021, fish and seafood consumption of each household reached about 314 CAD, with an average compound annual growth rate (CAGR) of 5.6% in 2017 - 2021. The consumption rate is expected to increase to 348 CAD in 2026 and the CAGR will be 2.1% in 2021 - 2026.
Canada is the 12th largest tuna import market in the world in 2022. Tuna 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) takes effect.
However, it is forecast that tuna exports to the Canadian market will not be able to fully recover in the coming months, especially in the context that consumer credit debt of Canadians is increasing, making people tighten spending./.
BTA