Wholesale Prices of Skipjack Tuna Rise 36% MoM Driven by Increased Demand for Lunar New Year Holiday

Wholesale prices of Skipjack Tuna in Taiwan rose 16% week-over-week and 36% month-over month to $6.02/kg in the week starting January 16, 2023, ahead of the Lunar New Year Holiday.
Wholesale prices of Skipjack Tuna in Taiwan rose 16% week-over-week and 36% month-over month to $6.02/kg in the week starting January 16, 2023. Prices rose as demand for seafood product increased ahead of the Lunar New Year Holiday. In fact, similar behaviour occurred in the same week last year, when prices rose 31% WoW and 14% MoM. Nonetheless, in annual terms, prices declined by a sharp 17% YoY, which underlines an overall downward trend which began in late 2021, likely due to inflationary pressures on consumers creating a substitution effect, decreasing the demand for tuna while increasing the demand for cheaper protein. Taiwan is one of the top-ten exporters of Skipjack tuna fillets in the world.