Ecuador Rises as a Global Tuna Powerhouse, 2024 Exports Top US$1.6 Billion, a Ten-Year High!
Due to changes in WeChat's rules, we welcome you to add the Frozen Food Guide official account as a starred account, or click "Like" or "Wow" at the bottom of the article, to see the exciting content pushed by Frozen Food Guide every day
--- Advertisement · Also a kind of information --
Ecuador Rises as a Global Tuna Powerhouse, 2024 Exports Top US$1.6 Billion, a Ten-Year High!
In 2024, Ecuador's tuna industry achieved a historic breakthrough, with total exports reaching US$1.6 billion, the highest record in more than a decade. According to International Trade Centre (ITC) data, Ecuador's tuna exports grew 18% year on year, of which canned tuna accounted for as much as 94%, showing that the country's core position in the global tuna industry chain is steadily consolidating.
Export Structure Optimized, Advantages of Skipjack and Yellowfin Tuna Stand Out
According to the Ecuadorian Tuna Processing Industry Association (CEIPA), in 2024 Ecuador's exports of canned tuna and cooked frozen loins grew 31% year on year, and export volume also rose 25.5%. This growth was mainly driven by a significant increase in tuna resources in the Eastern Pacific fishing area, with total tuna catches for the year reaching 930,000 tonnes.
Stable skipjack (Skipjack) free-on-board prices (about US$1,600 per tonne) and the price advantage of yellowfin tuna (Yellowfin) at about US$2,200/tonne have made Ecuador more competitive in the international market. Although at the end of 2024 the country faced challenges such as power shortages caused by persistent drought, the tuna industry still successfully maintained its important position in the global market.
EU Market Contributes Nearly Two-Thirds
In terms of export markets, the EU remains Ecuador's largest tuna export destination, accounting for 63% of total export value. Since the Ecuador-EU free trade agreement took effect, Ecuador's exports to Europe have grown significantly, doubling in just five years, with exports to Europe exceeding US$1 billion in 2024. Spain, the Netherlands and Italy are the main importing countries.
The UK and the US rank as the second and third largest markets respectively. In the UK market, thanks to the tariff preferences brought by the UK-Ecuador free trade agreement, the competitiveness of Ecuadorian tuna has been steadily improving. Exports to the US, however, declined slightly, mainly because negotiations on the US-Ecuador free trade agreement have not yet been concluded, which has affected the market performance of exported products.
Standing Side by Side with Thailand, Reshaping the Global Landscape
In the global trade landscape, Ecuador and Thailand are emerging side by side as the "bipolar centers" of canned tuna. The rapid growth of the two countries' export volumes has not only boosted their own economies but also had a profound impact on the structure of global tuna trade.
However, with the rapid development of the industry, issues such as overfishing and environmental sustainability have become increasingly prominent, forcing relevant companies to accelerate the promotion of sustainable certifications such as MSC and to improve environmentally friendly fishing capabilities.
Market Opportunities and Challenges Coexist
In addition to sustainability challenges, uncertainties such as market price fluctuations, changes in consumer preferences, geopolitics and climate change may also put pressure on future development. At the same time, however, intensifying competition has also driven product innovation, such as the launch of new products including flavored tuna, ready-to-eat canned products and pet tuna food, helping companies open up new markets and capture the dividends of consumption upgrading.
Overall, in 2024 Ecuador's tuna industry has entered a "golden period", leading the global canned tuna industry to a higher level together with Thailand. Driven by strong global demand and export growth, the industry's prospects are promising, but whether it can continue to break through will still require sustained efforts in sustainable development and innovation capability.
For more articles, please click to read
Comments(0)
No comments yet. Be the first to comment.