In the context of declining export of tuna to major markets in Sept, Canada emerged as a highlight, witnessing a noteworthy growth of 142% compared to Sept 2017.
As a rustic with a extremely developed fishing trade, Canada catches over three.800 MT of Pacific albacore tuna, but the quantity is deficient to satisfy domestic demand. Therefore, Canada still needs to import tuna from different countries within the world. By the tip of 2017, Canada is presently the fourteenth largest marketplace for tuna imports within the world.
Tuna is one in all the staple foods in several Canadian families, particularly canned tuna. consistent with the statistics of the International Trade Center, the primary 1/2 2018, Canada’s canned tuna imports accounted for over eighty six of the country’s total volume of tuna imports.
To meet the demand of domestic consumption and tuna production, Canada is importation tuna from forty six countries round the world. Thailand, the US, Vietnam, Philippines, Italy, Indonesia, Sri Lanka, Taiwan, Japan and Asian nation ar the most tuna provides for this market within the initial eight months of 2018.
Among them, ASEAN countries account for over eighty four of the whole volume of Canadian tuna imports. consistent with ITC statistics, the export of tuna of ASEAN countries to the present market in recent years isn’t stable with constant sin-shaped fluctuations. the degree of Canadian tuna imports from ASEAN countries ranged from one.7 to 3.7 thousand MT within the initial half dozen months of this year.
Currently Kingdom of Thailand, Vietnam and therefore the Philippines ar the 3 largest tuna suppliers in ASEAN for this market. With the most important market share, accounting for nearly seventy fifth of the whole volume of Canadian tuna imports, Kingdom of Thailand is dominating the Canadian tuna market, particularly within the market section of canned tuna. Meanwhile, the Philippines and Vietnam solely account for four-dimensional market share.
Notably, whereas there was a bent to cut back tuna imports from Kingdom of Thailand, imports from different sources, together with Vietnam enhanced. This shows that Canadian businesses tend to diversify their offer sources, avoiding dependence on suppliers from Kingdom of Thailand. additionally, the high value of skipjack in Krung Thep has reduced the competitive advantage of Thai canned tuna product within the Canadian market.
In addition, as a result of the quantity of tuna caught in Kingdom of Thailand attended decrease within the previous time thanks to the ban on ocean exploitation, Thailand’s offer of processed tuna conjointly became restricted. Therefore, Canada should realize various sources from different countries just like the Philippines and Vietnam.
According to statistics of Vietnam Customs, within the initial nine months of this year, Canada has foreign nearly eleven million USD of tuna product from Vietnam, up by 13.5% compared to an equivalent amount in 2017. In which, export worth for frozen tuna / fillet product accounted for the best proportion of sixty nine. Compared to last year, the export of tuna from Vietnam to Canada enhanced over an equivalent amount, aside from the one in all frozen tuna fillet.
While canned tuna product foreign into Canada ar subject to tax, recent and frozen tuna product ar exempted from duty. Currently, Vietnam’s canned tuna exports to Canada ar subject to four-dimensional tax, whereas the amount for Kingdom of Thailand, Philippines, the North American country and European nation ar five.8%, 4%, 0% and 5.8% severally.
With the exemption all important tax on recent and frozen tuna and low tariff on canned tuna process, Canada is that the exceptional export marketplace for businesses at now, particularly once the demand for tuna imports of ancient massive markets just like the North American country and EU have become additional unstable.