HANOI: Vietnam saw decline in tuna exports since the beginning of this year due to a fall in consumption in major import markets, according to the Vietnam Association of Seafood Exporters .
Tuna exports slumped 22% in January to $33 million, local Vietnam News daily on Monday, citing Vasep data.
The downward trend started in 2013, with a 7.2% fall from the previous year to $527m and an 8.1% drop in 2014 to $484m.
Insiders forecast that there will be continuous fall for tuna exports in the first half of this year, as there are no signs of recovery in tuna consumption demand while tax pressures on Vietnamese exporters still remain high, especially in major import markets, including Japan, the United States and countries in the European Union (EU).
According to VASEP, unstable sources of raw tuna are the primary reason for falling tuna exports. Vietnam remains reliant on the import of half of its raw tuna, on which a temporary import tax rate of 10-24% has been imposed. While the import tax rate on raw tuna is zero in several countries, tax imposition is also undermining the competitiveness of Vietnamese tuna exporters.
Vietnam also faces challenges in high demand in major import markets, related to the quality, origin and compliance with international standards in tuna exploitation.
In addition, Vietnam’s tuna exports to the EU will encounter obstacles this year, as its rivals, including Ecuador and the Philippines, have signed a trade agreement that entails a zero tax rate on tuna exports sent from these countries to the EU, said VASEP.
