Amid Vietnamese tuna exports to major markets enduring a decline in January, exports of the product to the Republic of Korea have witnessed an impressive growth of 457% on-year, according to details given by the Vietnam Association of Seafood Exporters and Producers (VASEP).
This increase therefore turned the RoK into one of the eight main importers of Vietnamese tuna during the first month of the year.
In fact, the country’s tuna exports to the RoK continuously grew in the second half of last year with turnover reaching nearly US$7 million, up 84% against the same period from last year.
VASEP experts have attributed the rise in the RoK’s imports of canned processed tuna and raw/fresh/frozen tuna from other countries to a decrease in the RoK’s supply source of raw materials for tuna production.
Furthermore, due to unstable tuna exploitation output domestically, the RoK still has to import additional processed and canned tuna from other countries, including Vietnam.
Currently, the country mainly exports frozen steamed tuna loin to the RoK market, accounting for 69% of total export turnover. The average export price of these products last year fluctuated on average at US$ 5,142 per tonne.
After rising to the highest level in May, 2022, of US$ 5,664 per tonne, the average export price of Vietnamese frozen steamed tuna loin to the Korean market decreased, but bounced back late last year.
Nguyen Ha, an expert of the VASEP, revealed that there are currently 18 companies involved in exporting tuna to the Korean market. Of which, Nha Trang Bay, Phat Trien Seafood, and Tuna Vietnam are the three companies that export the majority of tuna to this market, making up 66% of the total export value.
Read more: Seafood Industry Report
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