W51 Tuna Update: Dec-23 Highlights in Global Tuna Market and Country-Specific Trends

Price Trends and Demand Patterns in Global Tuna Market

In Dec-23, tuna prices experienced notable fluctuations, with prices in Bangkok, Thailand, dropping to USD 1,500 per metric ton (mt) and those in Manta, Ecuador, falling to the range of USD 1,600 to 1,650/mt. The Food and Agriculture Organization of the United Nations (FAO) emphasizes that the anticipated benefits of lower raw material prices may not be fully realized until the end of 2024. The report indicates that global demand for prepared and canned tuna is expected to remain weak in 2023, with variations in international trade, some countries experiencing export declines while others observe increases.

The non-canned tuna market faced challenges in 2023 due to factors such as global inflation, rising living costs, and reduced consumer disposable income. Demand fluctuations were evident across major markets, with emerging markets such as South Korea, China, Thailand, Malaysia, and Singapore showing relative stability. Notably, Japan experienced a slight rebound in demand for tuna sashimi, and the European market witnessed sporadic increases in non-canned tuna demand during the summer, with Spain, Italy, and France as primary markets. FAO predicts seasonal changes in non-canned tuna consumption, particularly during the cold winter months, with peak demand expected around the New Year's Day holiday and the Lunar New Year.

Vietnam's Tuna Export Trends in the Belgian and Lithuanian Markets

In 2022, Belgium stood as the third-largest export market for Vietnamese tuna within the European Union (EU), witnessing a substantial 65% year-on-year (YoY) increase in supply. However, the trajectory shifted in 2023, with Vietnam experiencing a continuous decline in tuna exports to Belgium. In the face of inflationary pressures, Belgium relinquished its position among the top three export markets for Vietnamese tuna in the EU. Data from the initial 10 months of 2023 revealed a notable 48% YoY decrease in Vietnam's tuna exports to Belgium, amounting to just over USD 9 million. In contrast, exports of Vietnamese canned tuna saw a 7% YoY increase. Consequently, Vietnam now holds the fourth position as Belgium's tuna supplier, trailing behind Ecuador, the Philippines, and Côte d’Ivoire. Noteworthy trends in Belgian imports include a 13% YoY rise in canned tuna imports during the first eight months of the year, while frozen tuna meat and loin imports experienced a considerable 49% YoY decline. This shifting landscape underscores the impact of economic dynamics and evolving preferences in the Belgian tuna market.

In the first 10 months of 2023, Vietnam's tuna exports to Lithuania amounted to USD 11 million, reflecting a notable 30%YoY decline. This decline is particularly evident in the export of frozen tuna meat and tenderloin, which experienced a substantial 33% YoY decrease. Additionally, the market observed a significant decrease in the price of canned tuna. Despite the decline, Vietnam maintains its position as the second-largest tuna supplier to Lithuania, following Ghana.