W11 Tuna Update: Norwegian Bluefin Tuna Quota Maintained for 2024, Asian Market Price Decline

Published 2024년 3월 22일

In W11 in the tuna landscape, Norway maintains a bluefin tuna quota of 386.4 mt for 2024, in alignment with the previous year's quota. The mark-and-release program for recreational fishing continues to collect data on bluefin tuna distribution, with a pilot project allocating 30 mt for live storage to explore extended market supply and quality maintenance. Meanwhile, wholesale prices for imported bluefin tuna in Japan have notably declined, reflecting decreased consumption across major markets like Japan, South Korea, and China, with some attributing the price drop to weakened purchasing power and rising domestic production.

Norway Announces Stable Bluefin Tuna Quota for 2024

The Norwegian Ministry of Fisheries and Oceans has announced a bluefin tuna quota of 386.4 metric tons (mt) for 2024, mirroring the quota established in 2023. This decision reflects an agreement reached at the International Commission for the Management of Atlantic Tuna (ICCAT). Similar to 2023, both small-scale coastal vessels and purse seiners can participate in the fishery. Additionally, a one-liner vessel is permitted to join. A total of 361 mt for commercial fishing (divided between purse seiners and longliners) is allocated in the total quota.

Continuing the mark-and-release program for recreational fishing aims to gather valuable data on bluefin tuna distribution patterns in Norwegian and international waters. The quota allocation includes 30 mt for a pilot project on live storage of bluefin tuna, a 12 mt increase from 2023. This initiative aims to generate insights and inform future regulations for live storage practices. The primary objective of live storage is to extend the timeframe for supplying raw materials to the market while maintaining high quality. Under exceptional circumstances, the Norwegian Directorate of Fisheries retains the authority to adjust or cancel the guaranteed quota for seiners by August 15th, 2024.

Bluefin Tuna Market Navigates Price Decline Amidst Weakened Demand in Asia

Wholesale prices for imported bluefin tuna in Japan have experienced a significant decline in recent months. As of Jan-24, the wholesale price of imported fresh bluefin tuna at Tokyo's Toyosu Market fell by 23% compared to its peak in Aug-23, reaching USD 24.4 per kilogram (kg). Similarly, the wholesale price of imported frozen bluefin tuna decreased to USD 22.3/kg in Jan-24, representing a decline of nearly USD 6.6/kg since the Dec-22 peak. Data from the Japan Fisheries Information Service Center (JAFIC) indicated a drop in frozen bluefin tuna consumption. This trend is reflected in retail prices, with chu-toro sashimi (medium-fat tuna) imported from Malta selling at USD 5.32/100 grams in Tokyo supermarkets during Feb-24, representing a substantial decrease of 40% compared to Dec-22 prices.

Bluefin tuna sashimi consumption declined across major Asian markets, including Japan, South Korea, and China. This is further evidenced by a 50% year-on-year (YoY) decline in the average import price of Maltese bluefin tuna fillets, a major producer in the Mediterranean, to USD 13.08/kg in Jan-24. Some importers attribute the price decline to weakened purchasing power in South Korea, a traditionally competitive buyer of Mediterranean tuna. This has potentially led to re-exports of Mediterranean tuna to Japan in 2023. Additionally, rising domestic bluefin tuna production contributed to the current market dynamics.