Thai exports of preserved or prepared skipjack tuna and Atlantic bonito (HS Code 16041419000) totaled 129 thousand mt during Jan-Apr 2022, increasing in volume by 2.3% YoY. In terms of value, in the same period, exports totaled $495.5 million, up by 8.1% YoY. The average export price during the period was $3.45/kg, up by 5.4% YoY.
Preserved or prepared skipjack tuna represents the largest tuna product exported out of Thailand, according to ITC data, as compared to preserved or prepared other types of tuna or tuna frozen filets.
So far this year, the largest importer in terms of value continues to be the United States, with 18% of the share, followed by Egypt, with 14% and Australia. The share of these countries remained virtually unchanged compared to their levels in 2021.
The country with the largest share gain was Libya, now representing 9.6% of the export share, compared to 3.1% in the first four months of 2021. The country with the largest share loss was Yemen, which now holds a 2.1% export share compared to 4.9% during the previous year.
It's worth noting that, among the seven largest importers for this product, there seems to be a clear negative relationship between the percentage change in export price and volume exported. For example, prices increased the most in YoY terms for Canada and Saudi Arabia, and that is where the quantity exported decreased the most. Meanwhile, where prices increased the least, such as Libya, the volume exported increased the most.
Source: Tridge and Customs Thailand
The price for frozen whole skipjack tuna (the raw material to make canned skipjack tuna), averaged $1.74/kg during the first four months of the year, up by 34% compared to the same period in 2021. However, prices averaged $1.60/kg in May and are currently trending around $1.43/kg, considerably down from their multi-year peak back in March of $1.90/kg. The recent sharp decline came on the back of a reported high inventory from previous months’ catches. However, the downside is limited as catchers are reportedly experiencing negative margins with the current high fuel costs, so a price hike would be on the way once the inventory starts to dwindle.
As for exports, Thai preserved tuna export prices might keep most of their current value, as the price hikes in 2022 for this product were much less sharp than the ones from whole tuna prices. A price decline might be offset by higher volume if the relationship explained above holds.