Tuna exports to Canada increased sharply

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in February this year, tuna exports to Canada increased by 146% over the same period last year. Overall, in the first 2 months of 2024, tuna exports to Canada reached nearly $ 5.5 million, an increase of 68% over the same period in 2023.

Canada is currently importing mainly frozen tuna meat/loin products and canned tuna from Vietnam. Compared to the same period in 2023, exports of frozen tuna meat/loin and canned tuna to Canada increased by 150% and 25%, respectively.

According to the International Trade Center (ITC), Vietnam will be the third largest tuna supplier to Canada in 2023, after Thailand and Italy. However, Vietnamese tuna exports to Canada decreased last year (down 35%) when reaching only $ 34 million.

Tuna exports to Canada decreased sharply in 2023 because Canada's tuna imports from major suppliers largely decreased. Economic difficulties have led to recent Canadian seafood consumption, including tuna, tends to decrease as consumers switch from seafood products to beef, chicken and other protein items that have lower prices than seafood.

However, since the end of last year, tuna exports to Canada have shown signs of recovery. This recovery is due to the fact that Canada's seafood consumption demand is forecast to increase in the next 5 years. According to Statista's forecast, Canada's seafood revenue will reach $ 4.79 billion by 2024 and will grow by 4.9%/year on average.

Canada is currently one of the leading markets for Vietnamese tuna, ranking 4th after the US, EU and Israel in 2023.