The country’s tuna exports to the Republic of Korea (RoK) during the initial 7 months of 2023 reached more than US$7 million, increasing 2.5 times over the same period from last year, according to the General Department of Vietnam Customs.

Most notably, while major Vietnamese tuna import markets suffered a decline, the nation’s tuna exports to the RoK enjoyed impressive growth.

According to information given by the Vietnam Association of Seafood Exporters and Processors (VASEP), the Korean Won has strongly depreciated against the US dollar this year, thereby causing the price of imported tuna to increase. However due to the decrease in the fishing fleet’s output, the RoK has been forced to increase imports from other countries, including Vietnam.

In the group of Vietnamese exported tuna products, the export of processed and canned tuna to the RoK is currently seeing spike, with canned tuna growing by 468% over the same period from last year.

In relation to the Korean market, Vietnam makes up the eighth largest tuna suppliers, whilst being the largest supplier of processed and canned tuna in the first half of the year.

Data from the International Trade Center (ITC) indicates that in the first half of the year, while total tuna imports to the RoK dropped by 7% in volume, imports from Vietnam rose by more than four times.

Canned and processed tuna products from the country account for nearly 77% of the East Asian nation’s total imports of this product.

VOV