Ecuadorian tuna sector eyes US, Canada markets as sales to Europe fall

Published 2024년 1월 25일

Tridge summary

Ecuador is shifting its focus to increase tuna exports to the U.S. and Canada due to a decline in shipments to Europe, its largest market. The country typically exports around 250,000 metric tons of tuna annually, with the majority going to Europe. However, in 2023, Ecuador's tuna exports saw a decrease in both value and volume due to the Russia-Ukraine war causing high inflation in Europe, which led buyers to choose cheaper tuna from China.

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Original content

Ecuador is actively seeking to increase its tuna exports to the U.S. and Canada, as its shipments to Europe – the largest market for the product – have continued to fall.Historically, Ecuador has exported an average of 250,000 metric tons (MT) of tuna annually, of which 51 percent goes to Europe, 13 percent to the United States, and the rest to Latin American countries, bringing in a total of some USD 1.3 billion (EUR 1.19 billion). However, in 2023, the country sold just USD 1.02 billion (EUR 93.7 million) of the product, which was about USD 57 million (EUR 52 million) less than in 2022, when it brought in USD 1.08 billion (EUR 99.2 billion).This drop in value mirrored the trends seen in export volume; in 2023, Ecuador exported 203,474 MT of tuna to global markets, while in 2022, it sent 228,758 MT abroad. Europe bought 110,144 MT of tuna from Ecuador in 2023 – a 1.6 percent dip from 2022, when it purchased 111,895 MT.The declines in value and volume were due to several factors, ...

Source: Seafoodsource