W16: Tuna Update

Published Apr 28, 2023
In W16 in the tuna landscape, Vietnam's tuna exports to Spain reversed sharply in February 2023, bringing total exports to the market to almost USD 2.5M in the first two months of 2023. In 2023, Vietnam will be the 5th largest supplier of frozen tuna/loin meat to the non-EU Spanish market, accounting for 3.8% of the total import value. Vietnam's tuna exports have declined sharply due to the exchange rate difference and rising raw tuna prices, leading to a decrease in exports to the U.S., Germany, the Netherlands, and Spain. Further, Vietnam's tuna exports to the UK increased significantly in February 2023, reaching USD 971K. It offset the decrease in January and brought the total export turnover to more than USD 1.3M, nearly three times higher than in 2022. The UK is the 15th largest single tuna import market of Vietnam. Importers will increase tuna loin imports during the summer months to take advantage of tariff preferences. Indonesia has sent 16T of seasoning and tuna to Saudi Arabia, expected to arrive before the first Indonesian hajj pilgrims arrive. On April 12, 2023, representatives of COMHAFAT and Europeche Tuna Group met to discuss tropical tuna fisheries issues. The EU purse seine fleet committed to launching a partnership with COMHAFAT to support local initiatives for artisanal fisheries.mEuropêche Tuna Group looks forward to this cooperation with COMHAFAT on projects that benefit both coastal states and purse seine fisheries. The global canned tuna market was worth USD 8.91B in 2021 and is expected to reach USD 12.2B by 2028. It is a type of saltwater fish belonging to the family of Scombridae and is high in protein but low in calories. It is enriched with omega 3, b-complex vitamins, minerals, and iron, and can be preserved for a long time. Canned tuna is becoming increasingly popular due to its health benefits, affordability, easily accessible, and long shelf life. Icelandic fisheries have yet to use their Atlantic bluefin tuna catch quotas, and the Ministry of Food, Agriculture, and Fisheries is considering selling a part of the quota to cooperating states within ICCAT. This could lead to Icelandic fisheries investing in tuna fishing ships. VASEP reported a decline in key seafood exports during the first quarter of the year, but there are positive signs ahead for Vietnamese aquatic products in the UK, Japan, Germany, and Israel. In February, tuna exports to the UK increased by 13 times, while two-month exports saw a three-fold rise to USD 1.3M.

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