Yet according to Mintec, the commodities analyst, a review into Thailand’s fishing practices published by the European Union could disrupt exports in 2016.
Prior to September, prices in Thailand had risen due to a limit in the number of catches from a fishing aggregating device ban, which was lifted at the end of October.
Consequently, demand from canneries has weakened, driven by an expectation of lower prices. Low seasonal demand for canned tuna, which is primarily consumed during the summer months in Europe and the US, also resulted in prices falling.
In addition, Thailand, the world’s third-largest exporter of seafood, was given six months by the EU in April to tackle its illegal, unreported and unregulated fishing, with non compliance potentially resulting in a trade ban on fish exports to the EU.
While the review has been postponed until the end of December, an EU ban on Thai skipjack tuna will likely result in prices increasing.