In W40 in the tuna landscape, the global demand for frozen tuna raw materials and finished products declined in the first half of 2023, with lower harvests in the Pacific Ocean than last year. Tuna processors in Southeast Asia and Europe reduced raw material imports in the first quarter of 2023 amid declining ocean tuna catches, rising fish prices, and sluggish demand for canned tuna products in North America and Europe. The cost of shipping frozen tuna to Thailand reached a five-year high of USD 2 thousand to 2.03 thousand per metric ton (mt) between Apr-23 and Jul-23. Hence, the raw frozen and pre-cooked tuna imports have declined in 2023. Despite rising prices, frozen bluefin tuna imports increased by 4.16% to 123.1 thousand tons, while yellowfin tuna decreased by 28% to 20.3 thousand tons. Similar trends were observed in the Philippines, Ecuador, and Spain. In the Philippines, imports of frozen yellowfin tuna increased slightly by 3.5% YoY to 25,530 tons. Meanwhile, frozen tuna imports in Spain were 13.3% higher than in the United Kingdom (UK) and Latin America.
The General Administration of Customs of China (GACC) reported that China's tuna import value in Aug-23 was USD 4.7 million (RMB 34.3372 million), the lowest this year, with a 73.23% year-over-year (YoY) increase in import volume and a 15.48% YoY decrease in import value. Tuna imports have declined significantly, reaching a new low since Feb-23. Meanwhile, tuna exports rose substantially in Aug-23, with an 11.49% YoY increase in volume and a 24.16% YoY increase in value. In the first eight months of 2023, China imported 27.8 thousand tons of tuna worth USD 96.1 million (RMB 702 million), a YoY increase of 770% and 172% respectively..
Lastly, China’s total tuna export volume from Jan-23 to Aug-23 was 109.3 thousand tons, a decrease of 20.36% YoY. The product mix includes processed whole or cut tuna, fresh and frozen bluefin tuna, and frozen yellowfin tuna. Processed frozen tuna fillets remain the dominant export product, accounting for 80% of total exports.