15/09/2023
USA - Top 1 market import Tuna's Vietnam
In recent years, the US has always been Vietnam's leading import market. Since the US and Vietnam established a comprehensive regional partnership, Vietnam's tuna export turnover has increased by 2.5 times, reaching a record of nearly 487 million USD in 2022.
In the 10 years from 2017 to 2019, tuna exports were at a constant growth rate. Particularly for 2019, the increase of 38% was partly due to the trade war between the US and China leading to US importers shifting to Vietnam. Entering 2022, due to the impact of the covid 19 pandemic, Vietnam's tuna exports have declined. However, the US economic recovery after the stressful period of the pandemic is considered the strongest among all Western economies have helped Vietnam's tuna exports to the US peak in 2022.
But then, due to general difficulties in the world market such as inflation, a decrease in average export prices, and a sudden increase in imports in the US in 2022, inventories increased... causing tuna imports to the US to slow down. . Vietnam's tuna exports to this market in the first 7 months of 2023 decreased by 49%, reaching just over 171 million USD. However, this decrease is assessed as temporary and not a major trend in the near future.
Among the world's tuna import markets, the US is the second largest importing country after Japan. Tuna is still the third most consumed product in the US. Therefore, the US will continue to be the leading strategic partner of Vietnam's tuna industry.
It can be said that Vietnam - US relations have made remarkable progress in both quality and quantity after 28 years of establishing diplomatic relations and 10 years of establishing comprehensive partnership. Over the past 10 years, the growth rate of Vietnam's tuna exports to the US is increasingly improving. And the event of upgrading relations to the level of comprehensive strategic partnership between the two countries during US President Joe Biden's visit to Vietnam will create unprecedented opportunities to promote economic and trade cooperation, including trade. Vietnam's tuna trade with the US will have stronger and more sustainable breakthroughs in the coming time.
Source: VASEP
