Weekly Product Updates

W46 Tuna Update: Flat Global Tuna Stocks and Decreased Vietnamese Tuna Exports to the UK

Market & Price Trends
Published Nov 26, 2023

Sustainability of Global Tuna Stocks Remained Flat

In W46, in the tuna landscape, the International Seafood Sustainability Foundation (ISSF) released its latest "Status of the Stocks" report for global tuna fisheries. According to the report, the sustainability of global tuna stocks has remained flat since the last report in Mar-23, and 85% of the world's commercial tuna catch came from stocks at "healthy" levels of abundance. In the report, 11% of tuna comes from overfished stocks and 4% from stocks at an "intermediate" level of abundance. The report contains new stock assessment results from Western Pacific bigeye, yellowfin, North Pacific albacore, North Atlantic albacore, and Southern bluefin stocks.

Overall, the abundance of spawning biomass levels globally remains unchanged, with 61% at a healthy level, 22% at an intermediate level, and 17% overfished. The totals are still a reduction compared to the ISSF reports in 2022.

Vietnamese Tuna Exports to The UK Decreased in Sep-23

The Association of Seafood Exporters and Producers (VASEP) reports that Vietnam's tuna exports to the United Kingdom (UK) slowed down in Sep-23, decreasing by 36% year-on-year (YoY) after a period of good growth. VASEP also indicates that Vietnam's accumulated tuna exports to the UK for the first nine months of 2023 increased by 48% YoY, reaching USD 5.5 million. Regarding product structure, Vietnam exports the most frozen tuna meat and cans, accounting for 94% of the total export value. In addition, compared to the same period last year, the exports of fresh and frozen tuna increased sharply. However, the demand for canned and bagged tuna dropped significantly due to the high inflation in the UK.

Furthermore, VASEP forecasted a potential opportunity for Vietnam's seafood exports to the UK market in Dec-23 due to the inadequate transportation of goods from South American countries caused by insufficient rainfall in Panama Canal. However, the European Union's (EU) yellow card barrier to Vietnamese seafood exports reduced its competitiveness.

Tuna and Shrimp, Reasons for The Termination of Trade Agreement Between Ecuador and Mexico

Mexico terminated a trade agreement with Ecuador in a press conference in Culiacán, Sinaloa, due to concerns about adding shrimp and tuna to the negotiations, which could hurt the Mexican fishery industry. This decision will delay the process for Ecuador to join the Pacific Alliance, which includes Mexico, Chile, Peru, and Colombia, as it is a primary requirement from Ecuador. However, the negotiation is still open, and the two countries will have more meetings to achieve a final agreement.

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