Photo: VASEP/FIS

Vietnam’s Tuna Exports to Japan Recover Faster Than Expected

VIET NAM
Friday, November 29, 2024, 07:00 (GMT + 9)

Vietnam’s tuna exports to Japan have shown robust growth over the past two months, rebounding strongly after a sluggish start to the year.

Photo: thuongtruong.com.vn

According to data from Vietnam Customs, tuna exports to Japan reached $3.5 million in October 2024, marking a significant 31% increase year-on-year. This growth helped offset earlier declines, bringing the total export value for the first 10 months of 2024 to nearly $28 million, a 5% rise compared to the same period last year, reports Ms. Nguyen Ha, Tuna Market Expert at the Vietnam Association of Seafood Exporters and Producers (VASEP).

Key Export Products Driving Growth

Among the various tuna products exported to Japan, processed tuna items under HS code 16—such as smoked tuna and marinated tuna slices (excluding canned tuna)—have emerged as the primary growth driver. Notably, this product group is the only one to record an increase in export value during the first 10 months of 2024 compared to the same period last year.

Vietnam currently has over 20 enterprises exporting tuna to Japan, with Mariso Vietnam, AH Fishco, and Evertrust Food Co., Ltd. leading the market. Together, these three companies account for 66% of Vietnam’s total tuna export turnover to Japan.

Market Dynamics and Japan’s Economic Recovery

Despite Vietnam’s positive performance, Japan’s overall tuna imports have continued to decline in 2024. According to the International Trade Center (ITC), Japan reduced tuna imports from most major suppliers during the first eight months of the year. However, Vietnam experienced the smallest decline among its competitors, underscoring the resilience of its tuna export sector.

Photo: VNA

Japan’s economic environment is also showing signs of improvement, which could further boost demand for seafood. According to Japan’s Ministry of Internal Affairs and Communications (MIC), household spending rose for the first time in May 2024 after 14 months of contraction. Additionally, the Japanese economy returned to positive growth following two quarters of decline.

To mitigate the impact of inflation, the Japanese government recently approved a JPY 21.9 trillion (USD 141 billion) economic stimulus package aimed at easing financial pressures on households. This initiative, coupled with recovering consumer spending, is expected to drive increased demand for seafood products, including tuna, and support higher import volumes in the coming months.

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