Year-To-Date US Imports of Frozen Skipjack Tuna Fillets at Record Highs
•US demand for tuna fillets has soared as pandemic restrictions were eased in 2022.
•Vietnam surpassed Indonesia as the largest supplier of US frozen tuna fillets.
•Prices are now in a downward trend, but remain well above 2021 levels.
According to data from USDA’s Foreign Agricultural Service (FAS), from January through October 2022, the US imported 42.5 thousand mt of frozen skipjack tuna fillets, with a total value of $600 million, - both are record highs. The average import price for Jan-Oct, at $14.21/kg, was also the highest on record. Import value throughout the first 10 months of the year climbed 80% year-over-year, as import volume rose 41% and prices rose 27% YoY.
Demand for tuna fillets climbed sharply in the US as the country started to lift pandemic restrictions early in 2022. In fact, the quantity imported each month from February through July averaged an increase of 56% compared to the 5-year import average. Moreover, the quantity imported remained high despite the average price being notably higher than previous years .
The US continued to import most of its tuna fillets from Southeast Asia, but Vietnam surpassed Indonesia as the top origin country. Vietnam's tuna fillet exports to the US in Jan-Oct 2022 climbed 77% YoY to 17.3 thousand mt, representing 41% of total US imports, up from 33% in the same period last year. Meanwhile, Indonesia's exports climbed 24% YoY to 14.0 thousand mt, representing 33% of the share, down from 38% in the same period last year. Behind Vietnam's surpassing of Indonesia as the top origin is its lower average price. Imports from Vietnam were at an average price (from Jan-Oct 2022) of $13.4/kg, compared to Indonesia's $14.1/kg.
Meanwhile, imports from Thailand, which was the third largest import origin, grew 68% YoY to 3.0 thousand mt. The average import price from Thailand was $12.60/kg, lower than both Vietnam and Indonesia.
Import prices are in a downward trend, but remain well above 2021 levels.
In October, US frozen tuna fillet import prices stood at $14.28/kg, their lowest level in 6 months. Prices declined in monthly terms for the third consecutive month after reaching a record high in July at $15.07/kg, and are now 5% lower.
However, prices remain well above 2021 and the 5-year (2017-2021) average levels, up 18% and 25%, respectively.
In 2021, the US was the second-largest importer of frozen skipjack tuna fillets, following Japan, and surpassing South Korea, Spain, and France.
Source: Tridge and USDA
