W10 Tuna Update: Global Skipjack Price Correction Amid Supply Increase, Vietnam's Exports Surge

Published 2024년 3월 15일

In W10 in the tuna landscape, the global skipjack tuna market experienced a downward price correction in Mar-24, driven by increased raw material supply, notably from the West and Central Pacific Ocean. Bangkok saw raw material prices fall to USD 1,300/mt, the lowest since Oct-21, due to enhanced skipjack tuna production in the Pacific. Meanwhile, in Manta, Ecuador, prices remained stable, supported by consistent fishing volumes. In Vietnam, tuna exports surged in Jan-24, reaching USD 79 million, a notable 58% YoY increase, attributed partly to favorable base effects. The US, Israel, and Russia are among the top markets for Vietnamese tuna exports, with significant growth observed in exports to EU countries like Italy and Poland, aided by preferential tariff quotas under the EVFTA.

Global Skipjack Tuna Prices Hit Three-Year Low on Increased Supply

The global skipjack tuna market is experiencing a downward price correction during Mar-24,driven by increased raw material supply, particularly in the West and Central Pacific Ocean. In Bangkok, Thailand, a key trading hub, raw material prices fell by USD 100 per metric ton (mt) to USD 1,300/mt in Mar-24, marking the lowest level since Oct-21. Market participants attribute the price decline to increased skipjack tuna production in the West and Central Pacific Ocean. The positive fishing situation in the Pacific is seen as a key driver of lower prices.

While Bangkok witnessed the steepest price decline, other regions exhibit varying trends. In Manta, Ecuador, prices remained stable within the USD 1,450-1,500/mt range, supported by relatively consistent fishing volumes and processing activity. However, the Philippines continues to experience higher prices of around USD 1,650/mt. The increase in skipjack tuna supply has also affected the Indian Ocean market. Prices for Indian Ocean bonito have been pressured downwards to the range of USD 1,430-1,540/mt, impacting suppliers like Taiwan's African factory in Ghana. The Atlantic skipjack tuna market faces a unique situation due to a fish aggregating device (FAD) moratorium in place until the end of Mar-24. This has resulted in near-zero catches in the region, keeping the market dynamics separate from the current global price trend. The significant supply increase in the West and Central Pacific, coupled with the Atlantic FAD moratorium, has created a complex global market view for skipjack tuna.

Vietnamese Tuna Exports Surge in Jan-24

Vietnam's tuna exports in Jan-24 exhibited a strong positive performance, reflecting both favorable base effects and promising long-term growth indicators. Jan-24 tuna exports reached USD 79 million, representing a significant 58% YoY increase. This growth is partially attributed to a low base effect, as Jan-23 coincided with the Lunar New Year holiday, impacting export activities. Compared to the pre-pandemic period (Jan-18 to Mar-20), Jan-24 export figures remain 46% higher than the annual average.

The composition of Vietnam's top tuna export markets in Jan-24 witnessed a shift, with the United States (US), Israel, Russia, Canada, Japan, Italy, Germany, Netherlands, Thailand, and Poland taking the leading positions. Notably, exports to all markets except Thailand increased compared to Jan-23. The reimplementation of preferential tariff quotas under the European Union-Vietnam Free Trade Agreement (EVFTA) is contributing to increased export momentum to the EU market. Exports to most EU countries, particularly Italy (five times increase YoY), Poland, and Sweden, registered significant growth in Jan-24.