Lower Tuna Prices Soften Currency Pains Of UK Distributorsff

By Atuna

The sterling fall may prevent the United Kingdom (UK) tuna dealers from enjoying the current low raw material prices.

Prices for raw frozen skipjack tuna went down 51% since last July – when the British currency started to fall –and the pound has now become 27% less valuable on the U.S. dollar.

Last week, skipjack prices reached USD 950 per M/T.

Today one pound buys USD 1.50.

The UK government already announced that it will not take any measures to interfere on the currency, but it’s doing its best to control inflation.

The chief of British Treasure, Yvette Coopper, said that the pound’s weakness will (should) benefit UK exporters.

The Export Sales Manager of the major tuna company in the U.K., John West, Paul Cottam, agrees with her.

Mr. Cottam stated that the even though it will be difficult to benefit in the UK from the recent fall in tuna costs due to the weakness of sterling, John West may benefit on their UK exports to certain other markets because of the lower value of sterling but this will depend on the economic situation in the various countries.