At the 17th INFOFISH World Tuna Trade Conference and Exhibition (TUNA 2022) held in Bangkok, Thailand from 11-13 October 2022, representatives from major tuna industries met and discussed the present trends and future prospects of the global tuna industry and trade.

According to the Western and Central Pacific Fisheries Commission (WCPFC) the estimated tuna catch in the area was 2.5 million tonnes in 2021, the landing value of this catch was USD 4.6 billion - 9 percent lower in comparison with 2020. In terms of catching methods, purse seine had the largest share (70 percent at 1.74 million tonnes), followed by longline (8 percent at 191 666 tonnes), pole-and-line (5 percent at 123 528 tonnes). The remaining 17 percent (438 000 tonnes) was supplied by the artisanal fishers, mostly from Indonesia and the Philippines. WCPFC also confirms the sustainable status of the four tuna species (skipjack, yellowfin, bigeye and albacore) in the region.

During the third quarter of 2022, tuna landings worldwide were low keeping frozen tuna prices high at USD 1 850 per tonne in September 2022.

In the WCPFC region, the 3-month FAD fishing closure was implemented from 1 July to 30 September 2022. The Inter-American Tropical Tuna Commission (IATTC) veda was in force in the Eastern Pacific from 29 July to 8 October when 43 percent of the fishing fleet refrained from fishing. Skipjack prices increased during this period while yellowfin prices remained steady.

Catches in the Indian Ocean improved at a moderate level but slowed down in the Atlantic Ocean.

For cooked loins, which is a semi-processed raw material, demand increased from the reprocessing industry in Thailand. Imports of cooked loins during January-June 2022 increased by 73 percent at 34 116 tonnes year-on-year; China, Indonesia and Viet Nam were the top suppliers. Imports of raw frozen tuna were 5.3 percent lower during the same period at 363 395 tonnes compared with the same period last year.

In the Philippines, raw frozen tuna imports were stable at 93 085 tonnes during the review period.

In Spain, the largest tuna canning base in Europe, imports of raw frozen tuna during the first half of 2022 declined by 19 percent at 53 295 tonnes but increased by 6 percent for cooked loins at 63 226 tonnes.

Total imports of cooked loins in the European Union were 110 000 tonnes (+4.8 percent) during the first half of 2022.

Supported by increased business in the hotel, restaurant and catering (HORECA) sector particularly during the summer months, consumer demand for higher value fresh and frozen tuna remained positive in most markets worldwide, except in Japan.

Impacted by the shrinking consumer demand for sashimi tuna in Japan, imports of higher value fresh and frozen tuna were 3 percent lower during the first half of 2022 at 95 430 tonnes. Nearly 80 percent of this volume was sashimi grade tuna.

However, the notable development in this trade is the rising exports of high value tuna from Japan to the other Asian markets.

Japanese exports of fresh bluefin were 470 tonnes valued at USD 11.9 million during the first half of 2022, increased from 153 tonnes in 2020 and 326 tonnes in 2021; 92 percent of these exports went to China.

Strong demand for high value non-canned tuna persisted in the US market in 2022. Year-on-year imports were 29 percent higher during January-June 2022 at 37 613 tonnes, consisting of 11 345 tonnes of fresh tuna, 26 078 tonnes of frozen loins/steaks and 190 tonnes of frozen tuna (bigeye and bluefin).

Supplies of the popular frozen tuna fillet were dominated by Viet Nam (43 percent), followed by Indonesia (31 percent) and Thailand (6.6 percent). The average import unit price for this product group was USD 13.00-14.00 per kg.

Positive demand trends for non-canned tuna, particularly frozen fillet, continued in Europe, Canada, and East Asian markets.

In the European Union, imports of frozen tuna fillet from extra-European Union sources were 26 percent higher at 16 667 tonnes during January-June 2022; the top suppliers were the Republic of Korea, Viet Nam, Mexico, Ecuador and Japan.

Imports of frozen fillet also increased in the Republic of Korea (from Mediterranean sources), Israel, Saudi Arabia, Canada, Thailand, China and some other markets in Southeast Asia.

International trade for canned tuna has been lacklustre in 2022 impacted by high raw material prices and weaker demand from end consumers.

However, rising demand for semi-processed cooked frozen loins from canners in Europe and Thailand resulted in increased sales from Ecuador and China to these markets.

 

The positive export trend in Thailand during January-June 2022 could be associated with increased sales of ready-to-eat products to the MENA markets, while demand remained weak in most of the traditional developed markets in North America and Europe.

Total exports from Ecuador in the 2022 review period were slightly lower compared to 2021. However, exports increased to the United States of America (+75 percent), and also to Chile (85 percent), Brazil (+46.2 percent), Uruguay (+23.2 percent) and Venezuela (+98.8 percent).

China increased export revenue through increased sales of semi-processed cooked loins to the tuna canners in Europe and Thailand.

Imports of canned and processed tuna in the United States of America increased by 7.7 percent during the review period with variations in the supply chain. Thailand retained the top supplier status but with shrunken market share. Imports increased from Ecuador (+76 percent), Viet Nam (+35 percent) and Mexico (+11.4 percent). Imports in Canada declined by 9 percent during this period.

In Central and South America, canned tuna imports in Colombia, Mexico, Peru, and Brazil were lower than 2021, but increased in Argentina and Uruguay.

Over the past two years, the Euro lost 25 percent of its value against the US dollar reducing buying power of European Union importers particularly in the extra-European Union trade where 60 percent of trading takes place in US dollars. Intra-European Union trade for canned tuna increased in 2022 where the transactions were done in Euro.

During the first half of 2022, the European Union imported 351 060 tonnes (+ 3.2 percent) of processed and canned tuna, which was 3.2 percent more than the corresponding period in 2021.

Extra-European Union imports during this period were 276 127 tonnes (+ 2 percent). The top suppliers were Ecuador, China, Mauritius, Papua New Guinea and the Philippines. Of this amount, 36.5 percent consisted of cooked frozen loins (101 100 tonnes) procured from China, Ecuador, Indonesia, and Papua New Guinea.

Consumer demand for canned tuna was lacklustre in the large regional markets, namely Japan, Australia and New Zealand during the first half of 2022. These markets generally import premium grade canned tuna largely supplied by Southeast Asian canners.

During recent years, sales of black meat canned tuna (scraped meat of cooked loins) popular among the Pacific Island countries, increased significantly from Southeast Asian canners. Estimated exports of canned black meat tuna from Southeast Asia to the Pacific markets were 12 000-15 000 tonnes valued at USD 20 million in 2021. The per unit export value of canned black meat was USD 1.45 -1.65 per kg compared with USD 3.50-4.50 per kg of light meat tuna.

The MENA region, one of the few growing markets for canned tuna, imported USD 400 million worth of canned tuna in the first six months of 2022.  Egypt, Libya, Saudi Arabia, United Arab Emirates (UAE) are the top markets in the MENA region.

In 2022, the devaluation of the Egyptian currency against the US dollar caused a 37 percent decline in imports of canned tuna in this market during the first half of 2022. However, exports from Thailand to Egypt increased by 15 percent. Thai exports of canned tuna also increased to Libya and the United Arab Emirates (UAE) but declined to Saudi Arabia during the first half of 2022.

Tuna prices firmed up significantly in 2022 compared with the last three years. The delivery price of frozen skipjack from Western Pacific to Thailand (CFR) shot up from USD 1 450 per tonne in June 2022 to USD 1 550 – 1 600 per tonne in July and USD 1 800 per tonne in August 2022.

As of early October 2022, tuna catches improved in the WCPO region forcing prices to decline to USD 1 600 per tonne.

In Manta, Ecuador, skipjack prices remained firm at around USD 1 850 -1 900 per tonne.

During the last quarter of 2022, the supply situation of frozen tuna for canning is likely to improve in the Pacific region along with some softening in prices.

However, consumer demand for canned tuna will remain soft during the festival season (Christmas and New Year) when consumer demand for the other higher value protein (fresh tuna, shrimp, salmon) will likely increase.

Imports of canned tuna in the European Union region is unlikely to improve as inflation in the euro zone is projected to peak at a new record high of 8.4 percent in the third quarter of 2022.

The regional supply of canned tuna in the MENA area will likely improve from 2023 as two processing plants are being implemented in Oman. E-commerce in the MENA region is forecast to expand over the years which is important for canned tuna trade.

In Asia Far East, consumer demand for the higher value non-canned tuna will increase during the year-end festival period.