In W43 in the tuna landscape, Tridge’s data analysis indicates that the wholesale prices for frozen big-eye tuna in Tokyo, Japan, averaged USD 5.73 per kilogram (kg). This price is the lowest value observed in at least five years, with a 5% month-on-month (MoM) decline and a significant 41% year-on-year (YoY) drop. Notably, tuna prices typically rise during October due to the product's seasonality, making the current low rate level particularly significant. The price decline is primarily attributed to an increase in domestic seafood supply, a consequence of import bans imposed by China in late Aug-23 and Russia in mid-Oct-23. These import bans were instated due to concerns surrounding the release of wastewater from the Fukushima Nuclear Plant that began in late Aug-23. Additionally, there has been a decrease in frozen big-eye tuna demand from neighboring countries. Tridge anticipates that seafood prices in Japan will continue to remain at lower levels than in previous years, reflecting the ongoing market dynamics.
The Association of Seafood Exporters and Producers (VASEP) reports that Vietnam's seafood export value reached USD 6.6 billion in the first nine months of 2023, a decrease of 23% compared to the same period in 2022. VASEP also indicates that Vietnam's tuna exports reached USD 72 million in Sep-23, an 18% MoM drop and an 8% YoY decrease. Frozen tuna meat/loin exports from Vietnam continued to decrease in Sep-23, leading to a 41% drop in shipment value in the Jan-23 to Sep-23 period to USD 315 million. Similarly, canned tuna exports declined by 15% YoY in the same period, resulting in a marginal 0.2% decrease in the total export value. Nonetheless, exports of other processed tuna products, particularly frozen steamed tuna meat/loin, showed a notable increase of 97% MoM in Sep-23, raising the total export value to over USD 107 million in the first three quarters of 2023, a 29% YoY increase.
Vietnam’s tuna exports exhibited signs of recovery in some key markets, including Canada (+44% YoY) and Russia (+124% YoY) in the first nine months of 2023. Conversely, exports to traditional markets like the European Union (EU) and Israel declined. In the United States (US) market, tuna exports did not maintain their growth momentum, with a slight 1% MoM decrease in Sep-23. This contributed to a 41% YoY decline in fish export turnover to the US market for the first nine months of 2023.
Iran’s Sistan and Baluchistan province, accounting for over 70% of the country's tuna fishing, is experiencing significant demand for their aquatic products in Russia. In 2022, they harvested over 300 thousand metric tons (mt) of fish, including 140 thousand mt of tuna. The province is home to 33 out of 100 cannery units in Iran, with a focus on offshore and tuna fishing. They aim to shift from canned to fresh tuna for European markets, where the price can rise from USD 1.5/kg to USD 12/kg. Sistan and Baluchistan province export fresh fish to various regions, including the Persian Gulf, Europe, Southeast Asia, and Japan. Canned fish is sent to countries like the United Arab Emirates (UAE), Oman, Pakistan, Iraq, Lebanon, Syria, and Russia, which accounted for 15% to 20% of their exports to northern countries in 2022. While 70% of their fishing employs the meat method, they refrain from trawl fishing. Unauthorized vessels pose a challenge due to the limited sea resources, warranting stricter licensing to safeguard aquatic resources for future generations.
Lastly, Brazil, a prominent player within the International Commission for the Conservation of Atlantic Tuna (ICCAT), is pioneering a groundbreaking strategy for the sustainable harvesting of tropical tuna, especially Skipjack tuna. This strategy is set to be discussed at the upcoming ICCAT meeting in Nov-23. It proposes annual quotas based on long-term scientific models, with reference points and health indicators, aiming to ensure both the recovery of tuna populations and their long-term stability. Brazil's proposal has gained traction, with support from countries like Japan, South Africa, and Uruguay, converging on a proposed global catch limit of 73 thousand mt. Brazil actively participates in discussions about a high seas inspection plan to combat illegal fishing and promotes responsible management of marine resources, thus contributing to modern, sustainable fisheries management. Skipjack tuna is a vital species, with an annual global harvest of nearly 3 million metric tons (mmt), and Brazil's pioneering efforts could set the stage for more responsible tuna fishery management globally.