Mexico represents 8th largest tuna import market of Vietnam
VOV.VN - The initial four months of the year witnessed the country’s tuna exports to Mexico hit nearly US$7.4 million, marking a rise of 44% over the same period from last year, according to figures released by the Vietnam Association of Seafood Exporters and Producers (VASEP).
April alone saw tuna exports to the Mexican market surge by 117% to nearly US$1.9 million over the same period from 2022.
With this growth rate, Mexico is currently the country’s eighth largest tuna import market. According to statistics compiled by the General Department of Customs, Mexico primarily imports tuna meat/loin from the country, duly accounting for 74% of total export value, while the rest is made up of other processed tuna products.
Mexico and Vietnam can be considered two markets which are quite similar to each other. Many key Vietnamese products enjoy plenty of opportunities to make inroads into the 11th most populous market in the world, especially after following the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) coming into effect.
Accordingly, frozen tuna loin/fillet products from the Vietnamese market with code HS0304 exported to Mexico currently being reduced from the base tax rate of 20% to 0%.
Other processed tuna products, such as frozen steamed tuna loin, are exempt from tax when imported into this market.
Luu Van Khan, commercial counselor of the Vietnam Trade Office in Mexico (concurrently Guatemala, Honduras, El Salvador, Belize), stated that people in this nation typically consume products that have been preliminarily processed or processed at supermarkets or convenience stores, meaning tuna products are viewed as potential items among Vietnamese seafood products.
According to the VASEP, the entirety of 2022 saw Vietnam reach the tuna export target of US$1 billion, up 34% on-year.
This was also the first time that the tuna industry achieved an export value of US$1 billion, thereby contributing to the seafood industry's overall export turnover of US$11 billion last year.