Vietnam’s tuna exports to Canada enjoyed constant growth during the final months of 2023, reaching an 11-month export turnover of more than US$772 million, the Vietnam Association of Seafood Exporters and Producers (VASEP) has reported.

Despite suffering a year-on-year fall of 37%, the nation’s tuna export value to the north American country soared by 117% in November 2023 alone, bringing the total export value to the highly lucrative market throughout the reviewed period to nearly US$31 million.

VASEP cited statistics from the International Trade Center (ITC) as saying that during the past nine months, Canada’s tuna imports from other countries neared US$154 million. Vietnam ranked third, with a market share of 12%, behind Thailand and Italy.

Among tuna products, Vietnam mainly supplies frozen tuna meat/loin and canned tuna to the Canadian market, with a proportion of 54% and 40%, respectively.

Canada was the 12th largest tuna import market in the world in 2022, with its import turnover reaching an excess of US$272 million, an increase of 40% compared to 2021. With this growth, Canada is considered is a potential tuna market for Vietnam, especially following the enforcement of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

However, it is expected that tuna exports to the Canadian market will not be able to fully recover in the coming months, especially in the context of growing consumer credit debt of Canadians that led to tighter spending.

VOV