Vietnam’s canned tuna exports to the US rebounded in October 2024

On December 10, the Vietnam Association of Seafood Exporters and Producers (VASEP) announced that the export value of canned tuna in October 2024 reached nearly US$12 million, a year-on-year increase of 16 percent. The ten-month export value exceeded US$87 million, up 17 percent year-on-year.

The US has been the largest importer of Vietnam’s canned tuna for many years, accounting for 36 percent of the total export value of this product.

After reaching its peak in 2022, the US canned tuna imports have declined sharply. In 2024, the import value remains almost unchanged compared to last year. Asian canned food producers are expanding their market presence in the US. Thailand remains the largest supplier of canned tuna to the US. However, the volume of imports from Thailand in 2024 is only equivalent to that last year. Meanwhile, the US has increased imports from Vietnam and the Republic of Korea.

Canned food producers from Mexico, Indonesia, and Ecuador are also losing market share in the US. Notably, imports from Indonesia have been declining continuously over the past three years.

Vietnam has now surpassed Mexico to become the second-largest supplier of canned tuna exported to the US, after Thailand, accounting for 12 percent of the total import volume. The average price of Vietnamese canned tuna exported to the US is US$4,670 per tonne.

The US economy is recovering rapidly, with seafood retail sales on the rise. This is expected to drive seafood imports, including tuna, in the near future. This will create opportunities for Vietnamese enterprises to boost exports.

Moreover, the outcome of the US presidential election 2024 will also impact Vietnam’s tuna exports. Exports to this market are expected to fluctuate if the US imposes import tariffs of 60-100 percent on China and 10-20 percent on other countries. Prior to the implementation of such tariffs, the export volume of tuna, particularly canned tuna, is anticipated to surge sharply due to buyer stockpiles for higher tax avoidance. However, the expected rise in shipping costs could erode some of the profits.