According to the Thai tuna industry association, the total sales of canned tuna this year is expected to be no less than 90billion baht. In particular, the export market growth rate of canned tuna in Thailand this year will exceed 20%, with a total value of 85billion baht, higher than 70billion baht last year.
Judging from the export trend, the export volume will continue to grow in the second half of the year. As the inflation crisis in the United States has continued to rise since last month, Americans have reduced shopping, travel and dining out, but turned to buying canned tuna products.
Because canned tuna is cheaper than pork and chicken, it is easy to eat and can reduce the power required for cooking, so that the growth rate of Thai products in the U.S. market is as high as 50%.
This is in contrast to the growth of other foods. According to the latest inflation rate announced by the United States, the inflation rate in June increased by 9.1%, hitting a 40 year high, which is also an important factor driving the sustained growth of Thai exports.
As Thai products require import tariffs of up to 24%, and the growth rate in the EU market is not high, the EU turns to buy tuna from the Philippines and Ecuador, because the above countries enjoy the preferential tariff policies of the EU; Orders in the Middle East market also continued to grow.
Thailand’s domestic market also faces high living costs. The inflation rate is also close to the U.S. market, and people have to reduce their purchasing power. The demand for canned tuna is increasing. Compared with tuna that provides the same nutritional value, the price of pork, chicken and livestock food is higher. The total sales volume of this year will not be less than 90billion baht from the sales volume of the domestic market plus the export volume.
Looking forward to the global economic development trend in the fourth quarter, including the inflation rate, the conflict between Russia and Ukraine and the rise in energy prices may ease, which should not be worse than now. The government is trying to help maintain the cost of diesel prices and maintain a reasonable price. The problem of rising energy prices has spread all over the world, and the government has done its best.
Compared with other commodities, such products are the slowest to apply for price adjustment, and the price adjustment range is not high. The price adjustment is mainly to reflect the changes in cost. After the outbreak of the conflict between Russia and Ukraine, the energy price has increased, and the steel plate price has also increased for two consecutive years. The price of raw materials, especially tuna, has increased by 20%, with an average price of 1500-1600 dollars/ton, because the fuel cost of fishing boats has increased, And the Thai baht continued to depreciate.