W23: Tuna Update

In W23 in the tuna landscape, Vietnam's tuna exports to Mexico have increased significantly, reaching nearly USD 1.9 million in April 2023 and USD 7.4 million in the first four months of 2023. With the entry into force of the CPTPP Agreement, Vietnamese frozen tuna loin products are reduced from 20% to 0%, and processed tuna products are exempt from tax. Vietnam's tuna exports to France experienced a 101% increase in 2022, but inflation in France led to a sharp rise in food prices, resulting in a decrease in imports. Meanwhile, the Developing Countries Trading Scheme (DCTS) will grant duty-free status to the Philippines' tuna exports to the UK, further boosting bilateral trade between the Philippines and the UK. The retail price range for Philippines tuna in June 2023 is between USD 3.09-9.59/kg. In 2023, the wholesale price range is between USD 2.16-6.71/kg. On June 9, 2023, a record-breaking tuna catch at Donggang Harbor in Southern Taiwan, setting a new record for one-day tuna catches in Taiwan. The largest tuna haul in an ongoing tuna bonanza, marking the ninth consecutive day in which more than 100 tuna were caught. The price of tuna has decreased from USD 32.52/kg to USD 3.58/kg, providing relief to buyers.

The North America tuna market is expected to grow by 1.9% during 2023-2028, with popular varieties such as yellowfin, bluefin, albacore, skipjack, and bigeye. The price of Seychelles yellowfin tuna has been steadily increasing from December-22 to May-23, with a rise of USD 0.09/kg (+3.3%) and USD 0.22/kg (+8.5%) compared to the previous year. This upward trend is attributed to slower catch activities in the Indian Ocean and a growing demand, as wholesalers aim to stock up before the peak seasons in Mediterranean Europe and East Asia. Additionally, the World Wildlife Fund (WWF) is advocating for the Indian Ocean Tuna Commission (IOTC) to reduce its annual catch of Indian Ocean yellowfin tuna by 30%.