| Review of Thai tuna price
movement (Bangkok landings) and trade in the first
quarter of 2002 |
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| Published on June 17, 2002 |
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Skipjack price stable
At the beginning of January this year,
the price of skipjack in Bangkok was US$ 700-710 per metric
ton, higher than the $480-620 per metric ton of January 2001,
due to poor catching in the Western Pacific Ocean (WPO).
During the first quarter, the price of
skipjack remained between $680-750 per metric ton. Lower than
average catching in the WPO should have pushed up the price
of frozen skipjack, but the abundant fish supply from Southern
Thailand and sufficient raw material in storage kept the price
stable.
The following
table shows the stable prices of frozen skipjack in 2002,
compared with the volatile prices in 2001:
Weekly tuna price movement (Jan-Mar, 2002)
Unit: US$/ MT
Source: FoodMarketExchange.com
A few noted developments contributed
to the price stability of imported frozen tuna (Bangkok landings)
during the first quarter this year.
Unsuccessful WTPO meeting on skipjack price
At the World Tuna Purse Seine Organization
(WTPO) held in Papua New Guinea in February/March this year,
member countries agreed to maintain a balance between supply
and demand. However, the meeting did not affect tuna prices,
unlike the WTPO meeting in Manila last January, which raised
skipjack prices out of a slump. Though WTPO members were determined
not to sell skipjack below $700 per metric ton, the price
of skipjack (Bangkok landings) hit $680 per metric ton in
March, only one week after the meeting,
Increased raw material in storage
During the first quarter of 2002, Thailand's total imported
frozen tuna stood at 120,859 tons, worth 4.410 billion baht.
Frozen skipjack (97,529 tons) accounted for about 80 percent
of the total import, followed by frozen yellowfin (15,982
tons) and albacore (7,347 tons).
Total frozen tuna imports increased by about 16.5 percent
(100,870 tons) and 12.5 percent (105,694 tons), compared with
the same time period in 2001 and 2000, respectively. Imported
skipjack increased by 32, 14 and 47 percent in January, February
and March, respectively.
It should be noted that frozen skipjack imports have increased
while demand for canned tuna has declined - Thailand now has
an excess of frozen tuna, especially skipjack, so local packers
are more patient with fish traders when the latter hold their
offering price for raw material.
Product demand changing
There is an imbalance between demand and supply in the global
tuna market. The price of skipjack in Bangkok was between
$680-750 per metric ton in the first quarter this year, but
the price of skipjack in regions without access to raw material
from the WPO continued to increase. The price of skipjack
in Spain hit $850-880 per metric ton at the beginning of this
year, compared with $570-590 per metric ton at the same time
last year. For this reason, Spanish packers took advantage
of semi-processed tuna (frozen tuna loin) from Thailand for
canning, at a price equivalent to buying pre-processed frozen
tuna at local ports. This developing trend can be detected
after a close examination of Thailand's tuna exports during
the period.
Thailand's total canned tuna exports in
the first quarter of 2002 stood at 57,406 metric tons, a decrease
of 8.4 percent compared with 62,229 tons last year. However,
the total quantity of canned tuna not in airtight containers
(tuna loin) doubled. Thailand's total tuna loin export stood
at 13,300 tons, an increase of 114 percent compared with 6,204
tons last year.
Total Thai tuna product exports (Jan-Mar
2002)
| Unit: metric tons |
| |
2001 |
2002 |
| Canned
tuna products |
|
|
| January |
19,471 |
17,615 |
| February |
21,246 |
17,021 |
| March |
21,511 |
22,768 |
| Subtotal |
62,229 |
57,406 |
| Tuna
loin |
|
|
| January |
2,022 |
4,337 |
| February |
1,955 |
4,225 |
| March |
2,227 |
4,737 |
| Subtotal |
6,204 |
13,300 |
| Total |
68,433 |
70,706 |
Source: Thai Customs Department
Top five export destinations for
Thai tuna loin (Jan-Mar 2002)
| Unit: metric tons |
| Country |
2001 (tons) |
%Total |
2002 (tons) |
%Total |
| 1. United States |
3,107 |
50.1 |
2,591 |
19.5 |
| 2. American Samoa |
- |
0 |
1,917 |
14.4 |
| 3. Israel |
384 |
6.2 |
1,749 |
13.2 |
| 4. Italy |
- |
0 |
1,574 |
11.8 |
| 5. Australia |
576 |
9.3 |
1,167 |
8.8 |
| 6. Other countries |
2,137 |
34.4 |
4,302 |
32.3 |
| Total |
6,204 |
100.0 |
13,300 |
1000.0 |
Source: Thai Customs Department
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