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Gaza war threatens tuna exports

According to statistics from Vietnam Customs, Vietnam's tuna exports to the Middle East in recent months have tended to decrease more and more. Accumulated in the first 9 months of this year, Vietnam's tuna exports to the Middle East reached nearly 56 million USD, down 25% compared to the same period in 2022. The Middle East is currently Vietnam's 4th largest tuna import market. South after the US, EU and CPTPP.

Tuna exports decreased sharply in the third quarter of 2023

Source: Vasep

After narrowing the decrease in the second quarter of 2023, Vietnam's tuna exports to the Middle East tend to decrease further in the third quarter of 2023. Currently, exports to Israel, the leading country in tuna imports in this market block, have also tended to decrease continuously over the past 3 months. However, thanks to good growth in the first half of the year, by the end of September, tuna exports to this market still increased by 36% over the same period.

 

 

 

 

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Meanwhile, exports to two other main markets, Egypt and Saudi Arabia, decreased continuously. By the end of September 2023, tuna exports to these two markets decreased by 68% and 83%, respectively.

According to businesses, the reason the value of seafood imports in some countries in the Middle East region decreased is because these countries had civil wars, so exporters of many countries around the world may have been very cautious when importing seafood. goods into these markets.

Conflict in the Middle East increases risks for tuna exports

Currently, countries, rich or poor, are just starting to breathe a sigh of relief after three years of suffering the economic shock of the COVID-19 pandemic and the war situation in Ukraine. The painful wave of inflation has subsided, oil prices have stabilized and predicted recessions have been avoided. Seafood import markets are gradually recovering.

However, with the second energy shock this year, due to the impact of the war in the Gaza Strip, oil and gas prices will escalate again. These price increases not only reduce the purchasing power of families and businesses, but also push up food production costs, as well as increase food insecurity.

In addition, export activities not only of tuna and other aquatic products to the Middle East market will also be affected.

Author: Nguyen Ha | Vasep (Translated from the original in Vietnamese)

 
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