W38: Tuna Update

In W38 in the tuna landscape, Vietnam's tuna exports in Aug-23 reached USD 87 million, marking a 5% year-over-year (YoY) decrease but representing the highest level since the start of 2023. The Vietnam Association of Seafood Exporters and Producers (VASEP) reported fluctuations in tuna exports to primary markets in Aug-23. Vietnamese tuna also saw positive growth in smaller-scale markets like Thailand and the Philippines. However, exports to the Israeli market declined by 57% YoY, and exports to Japan, Canada, and Mexico dropped by 53%, 49%, and 14%, respectively. Also, in the first eight months of 2023, total Vietnamese tuna exports amounted to USD 545 million, reflecting a 25% YoY decrease. VASEP predicts that Vietnam's tuna exports are gradually narrowing compared to the previous year, with challenges in recovering key markets.

After experiencing a continuous decline in Vietnamese tuna exports to the United States (US), the latest data reveals that tuna exports to this market registered a 2% month-on-month (MoM) increase in Aug-23. Nonetheless, given the previous decline, the cumulative figures for the first eight months of the year still show a 45% YoY decrease in exports to the US, amounting to nearly USD 208 million. On the other hand, the European Union (EU) experienced a 37% YoY surge in tuna exports, particularly to Italy, while Germany and the Netherlands witnessed a slowdown in growth.

Gabon's tuna industry has experienced significant growth in recent years, driven by the government's dedication to sustainable fisheries and aquaculture development. The government has implemented strict measures to conserve fish stocks and marine ecosystems to maintain high-quality tuna production and marine biodiversity protection. Gabon's waters are teeming with prized tuna species such as yellowfin, bluefin, and albacore, which hold high value in the international market. Through partnerships with foreign investors, the government has been instrumental in fostering the expansion of the tuna industry, leading to the establishment of modern processing and packaging facilities. This, in turn, has empowered Gabon to export top-tier tuna products to global markets, thereby contributing to the nation's economic prosperity. Moreover, the positive effects of the tuna industry extend to local communities, creating job opportunities and enhancing food security for coastal populations. Local fishermen actively engage in the fishing process and benefit from training and development initiatives.