VIETNAM CANNED TUNA PRODUCTS
Date post :20/06/2020 - 8:42 AM
In the next few weeks, trade talks between the US and China will resume. If no successful agreement is reached, the tax rate will be increased to 30%. Vietnamese and Thai processors will then take advantage of this opportunity to gain market share in the US market
In the first half of 2019, the market demand for canned tuna products has decreased by 4%, reaching 25,049 tons of total imports.
The majority of canned tuna products come from China. However, in the middle of a trade war between the US and China led to a sudden drop in the canned products that China exported. The volume of a consignment of Asian countries from 10,200 to 1,678 tons, down to 84%.
In September last year, Chinese canned tuna products were subject to a 10% tariff. However, in May 2019, the US raised the tax rate to 25% and the US president also threatened to increase it to 30%. This limit will occur in October if there is no agreement between the two sides. As a result, Chinese canned tuna products are expected to fall even further or may be eliminated.
Bumble Bee, a San Diego canner who is one of the main importers of canned tuna products in the US, has now stopped buying in China.
As predicted by many experts, Vietnamese sellers have used this opportunity to sell products from Vietnam and gradually gain market share from China. Vietnam has provided the United States with about 3793 tons of canned tuna products, a staggering increase as only last year the US demand for this product of Vietnam was negligible.
Thailand is also a competitor making good use of this opportunity, as it gradually occupies China's market share in the canned tuna segment.
In the next few weeks, trade talks between the US and China will resume. If no successful agreement is reached, the tax rate will be increased to 30%. At that time, Vietnamese and Thai processing plants will gain this market share in the US market. Moreover, it will be a good opportunity for Vietnam to build a brand for the country's products when penetrating. enter the US market.