Netting Billions: A Global Valuation of Tuna. (Image: Pew)

Tuna sector contributes USD 42 billion annually to global economy

WORLDWIDE
Monday, May 02, 2016, 23:00 (GMT + 9)

A study released by The Pew Charitable Trusts has estimated that the tuna sector contributes more than USD 42 billion to the global economy annually.

According to the analysis report, called Netting Billions: A Global Valuation of Tuna, the amount paid to fishermen ranged from USD 10 billion to USD 12 billion a year, while the full value—including the total amount paid by the final consumer at supermarkets and restaurants around the world—was at least USD 42 billion in 2014.

“It’s no secret that tuna are big business,” said Amanda Nickson, Pew’s director of global tuna conservation.

“Now, for the first time, we’re able to put an actual price on what’s at stake in the fight for the conservation and sustainable management of these commercially and ecologically important fish,” Nickson pointed out.

The director also stressed that the value of tuna is greater than the gross domestic product of at least 108 countries.

“Given the economic gains for coastal economies connected to the commercial industry, tuna is an asset that every government should make every effort to protect,” Nickson added.

The analysis also provides data by ocean region, species, and gear used to catch tuna. According to the data, the total catch in the Pacific Ocean has the highest value, estimated at USD 22 billion in 2014.

When the estimated value is analyzed by species, skipjack tuna—most often found in cans—is worth more than all bluefin species, but only because of the volume of skipjack caught every year. If value is considered by individual fish, bluefin is by far the most highly prized.

Together, bluefin species generate at least USD 2 billion to USD 2.5 billion a year in the global marketplace.

Pew’s report concludes that the value of global tuna stocks can increase if fishery managers take a comprehensive and precautionary approach to managing these populations, some of which are overfished.

Scientists recently concluded that the Pacific bluefin tuna population has declined by 97.4 percent from its historic unfished levels. Likewise, bigeye tuna in the western and central Pacific have declined by 84 per cent.

“Short-term economic gains often drive management decisions, but there is far more value to be found in responsible, forward-thinking management,” Nickson said. “The governments responsible for oversight must remove the barriers that block progress toward adopting science-based catch limits and modern management tools,” she explained.

“The economic security of countless coastal communities that are home to millions of people depends on it,” the director concluded.

The estimates do not include less tangible benefits from tuna, such as the value of preserving ocean ecosystems or the revenue generated by recreational activities and tourism, all of which probably would dramatically increase these species’ total worth.

The report summarizes an analysis that Pew commissioned from Poseidon Aquatic Resource Management Ltd., a consulting firm based in the United Kingdom.
 

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