South Korea’s purchase of canned tuna from Vietnam skyrockets nearly 500% in January-July
South Korea’s purchase of canned tuna from Vietnam skyrockets nearly 500% in January-July
South Korea has beefed up its purchase of tuna from many nations, including Vietnam, with its import of canned tuna from the Southeast Asian country between January and July rocketing 468 percent year on year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
The economic slowdown forced South Korean customers to squeeze their wallets, thereby preferring cheap seafood products, especially canned tuna, leading to an upsurge in imports of the product from Vietnam, said Nguyen Ha, a VASEP expert.
Vietnam exported tuna worth over US$7 million to South Korea during the January-July period, up 2.5-fold year on year.
Vietnam is South Korea’s eighth-largest tuna supplier and was its biggest processed and canned tuna source market in the first half of 2023.
Statistics from the International Trade Center showed that in the first six months of the year, South Korea’s tuna import edged down seven percent in volume year on year, but its purchase from Vietnam grew more than four times.
Made-in-Vietnam canned and processed tuna products make up nearly 77 percent of South Korea’s total import of these items.
Between January and July, Vietnamese canned tuna exported to South Korea was priced at up to $3.5 per kilogram.
The average price of frozen tuna loin shipped from Vietnam to South Korea ranged from $4.7 to $6 per kilogram during the period.
Vietnam exported tuna worth $76 million in July, down 11 percent year on year.
This was the mildest monthly drop during the first seven months of 2023, according to statistics recently released by the General Department of Vietnam Customs.
July saw the Southeast Asian nation’s tuna exports to the United States, Japan, and Canada tumble, while its July tuna sales to the European Union improved 28 percent year on year.
