TUNA MARKET

Yellowfin Tuna Production

Yellowfin tuna, recognized for its substantial economic value, stands out as a prized tuna species. It has notable attributes, including a rapid growth rate, widespread distribution in the oceans, high economic worth, and a relatively abundant availability of resources. All of which position it as the second-leading contributor to global tuna production, with bonito taking the lead.

Tuna catches in the eastern Pacific have seen a substantial rise in recent months, according to Inter-American Tropical Tuna Commission (IATTC). Bonito catches escalated by 14%, reaching 259,722 tonnes from January to September 2023. Concurrently, yellowfin tuna catches experienced a notable 10.5% increase, totaling 238,655 tonnes during the same period. Furthermore, in comparison to bluefin tuna, which has a lower yield, yellowfin tuna is a more prevalent choice for sashimi and enjoys widespread popularity in various markets due to its high protein content and low fat.

Yellowfin tuna lives in the tropical and subtropical waters of the Pacific, Indian Ocean, and Atlantic Ocean. Moreover, this species is accessible throughout the year and is also present in the South China Sea and waters near Taiwan, China.

Yellowfin Tuna Market Demand

Yellowfin Tuna is anticipated to experience a surge in demand in the forthcoming years. This beloved seafood, renowned for its robust flavor and firm texture, is not only a culinary delight but also a nutritional powerhouse. Therefore, its richness in essential nutrients makes it a preferred choice for health-conscious individuals.

The rising popularity of sushi has played a pivotal role in the heightened yellowfin tuna market demand. Besides, the forces of globalization and the expansion of international trade have made yellowfin tuna readily available on a global scale. Therefore, that further drives its market demand. Moreover, its recognition as a sustainable seafood option resonates with individuals who are conscientious about the environmental impact of their food choices.

China's Tuna Production & Trade

Vietnam, India, China, Ecuador, the Philippines, and several other countries emerge as key contributors to the global tuna fish production.

In 2021, China exhibited substantial activity in the tuna industry, with a tuna catching output of 36,500 tons. And it indicated a year-on-year increase of 12.3%. Additionally, China's tuna pelagic fishery output amounted to 322,300 tons, a modest year-on-year decrease of 1.6%.

The tuna imported and exported by China are mainly yellowfin tuna, bluefin tuna, albacore tuna, big-eye tuna, and other tuna. While the predominant method of transportation for these tuna products is freezing.

As of November 2022, China's tuna trade dynamics revealed a nuanced picture. The country experienced a year-on-year decrease in tuna import volume, totaling 1,900 tons, reflecting a decline of 23.71%. However, the import value witnessed a substantial increase, reaching US$44 million, marking a notable year-on-year growth of 45.47%.

On the export front, China shipped out 41,900 tons of tuna. While the export value exhibited robust growth, totaling 292 million US dollars, indicating a significant year-on-year increase of 30.21%.