W24: Tuna Update

In W24 in the tuna landscape, it was reported that Vietnam is the fourth largest tuna supplier for Chile. Tuna imports from Vietnam and Thailand increased, while imports from Ecuador and China decreased. The CPTPP agreement provides an opportunity for Vietnamese tuna companies to expand into the Chilean market, as the consumer price index has dropped to its lowest level in over a year and the 12-month inflation rate has reached 9.9%. Vietnam's tuna exports to Mexico increased 44% in 2023, with April 2023 alone seeing a 117% increase reaching nearly USD 1.9 million. Most of Mexico's imported tuna meat/loin comes from Vietnam, making up 74% of the total export value of Mexican imports from Vietnam. Vietnam's tuna exports to Japan continued to grow in Q1 of 2023, but the growth rate is slowing down. In Q1 2023, the tuna export turnover to Japan reached USD 8 million, a 29% increase.

Indonesia is developing tuna farming to boost its aquaculture sector and lift pressure from the world's largest marine tuna fisheries. The country catches more tuna than any other country, but intensive fishing has made the fishery unsustainable. The Indonesian fisheries ministry is looking into establishing tuna farms in the country's bays to expand on these measures. The UK's DCTS offers lower duties on tuna, and 150 new products have been added to the o-duties lists, making it more attractive to exporters. Trade between the UK and the Philippines has reached USD 2.6 billion (EUR 2.4 billion) in 2022. Meanwhile, the Maldivian tuna firms are eagerly anticipating the implementation of free trade agreements with both the UK and the EU. These agreements are expected to have a substantial positive impact on their canned and fresh tuna exports.