Philippines: Frozen Yellowfin Tuna Market 2022

Frozen Yellowfin Tuna Market Size in the Philippines

In 2020, after two years of growth, there was significant decline in the Philippine frozen yellowfin tuna market, when its value decreased by -X% to $X. In general, consumption saw a perceptible downturn. The pace of growth appeared the most rapid in 2012 with an increase of X% year-to-year. Over the period under review, the market hit record highs at $X in 2019, and then reduced rapidly in the following year.

Frozen Yellowfin Tuna Production in the Philippines

In value terms, frozen yellowfin tuna production totaled $X in 2020 estimated in export prices. Overall, production showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the production volume increased by X% y-o-y. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2020, production remained at a lower figure.

Frozen Yellowfin Tuna Exports

Exports from the Philippines

After two years of decline, overseas shipments of frozen yellowfin tuna increased by X% to X tons in 2020. Over the period under review, exports enjoyed a prominent increase. As a result, exports reached the peak and are likely to continue growth in the immediate term.

In value terms, frozen yellowfin tuna exports skyrocketed to $X in 2020. In general, exports showed measured growth. As a result, exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Italy (X tons), the U.S. (X tons) and Vietnam (X tons) were the main destinations of frozen yellowfin tuna exports from the Philippines, with a combined X% share of total exports. These countries were followed by Spain, Japan, Costa Rica and the UK, which together accounted for a further X 2007 to 2020, the biggest increases were in the UK (+X% per year), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), the U.S. ($X) and Vietnam ($X) were the largest markets for frozen yellowfin tuna exported from the Philippines worldwide, together comprising X% of total exports. Spain, Japan, Costa Rica and the UK lagged somewhat behind, together comprising a further X the main countries of destination, Costa Rica (+X% per year) saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2020, the average frozen yellowfin tuna export price amounted to $X per ton, falling by -X% against the previous year. Overall, the export price saw a noticeable slump. The pace of growth appeared the most rapid in 2017 an increase of X% year-to-year. Over the period under review, average export prices reached the maximum at $X per ton in 2009; however, from 2010 to 2020, export prices stood at a somewhat lower figure.

Prices varied noticeably by the country of destination; the country with the highest price was Japan ($X per ton), while the average price for exports to Costa Rica ($X per ton) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to Costa Rica, while the prices for the other major destinations experienced more modest paces of growth.

Frozen Yellowfin Tuna Imports

Imports into the Philippines

In 2020, purchases abroad of frozen yellowfin tuna increased by X% to X tons, rising for the sixth consecutive year after six years of decline. Over the period under review, imports continue to indicate a strong increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, frozen yellowfin tuna imports surged to $X in 2020. Overall, imports recorded buoyant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2020, Papua New Guinea (X tons) constituted the largest frozen yellowfin tuna supplier to the Philippines, accounting for a X% share of total imports. Moreover, frozen yellowfin tuna imports from Papua New Guinea exceeded the figures recorded by the second-largest supplier, Micronesia (X tons), twofold. The third position in this ranking was occupied by Indonesia (X tons), with a X% share.

From 2007 to 2020, the average annual growth rate of volume from Papua New Guinea amounted to +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Micronesia (X% per year) and Indonesia (+X% per year).

In value terms, Papua New Guinea ($X) constituted the largest supplier of frozen yellowfin tuna to the Philippines, comprising X% of total imports. The second position in the ranking was occupied by Micronesia ($X), with a X% share of total imports. It was followed by Indonesia, with a X% share.

From 2007 to 2020, the average annual rate of growth in terms of value from Papua New Guinea totaled +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Micronesia (X% per year) and Indonesia (+X% per year).

Import Prices by Country

The average frozen yellowfin tuna import price stood at $X per ton in 2020, increasing by X% against the previous year. In general, import price indicated a temperate increase from 2007 to 2020: its price increased at an average annual rate of +X% over the last thirteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, frozen yellowfin tuna import price increased by +X% against 2010 indices. The most prominent rate of growth was recorded in 2014 when the average import price increased by X% year-to-year. Over the period under review, average import prices reached the maximum in 2020 and is likely to see steady growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2020, the country with the highest price was Vietnam ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by Indonesia, while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :