Tuna exports of Vietnam to Mexico doubled

Published 2023년 6월 6일

Tridge summary

Vietnam has seen a significant increase in tuna exports to Mexico, with a 117% surge in April 2023 compared to the same month in 2022. The first four months of 2023 witnessed a 44% increase in tuna exports to Mexico, reaching nearly $7.4 million. This growth is largely due to the entry into force of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which has resulted in a 0% tax rate for Vietnamese frozen tuna loin products exported to Mexico. Mexico is seen as a significant market for Vietnamese tuna due to its cultural and historical connections with Latin American countries, and its participation in various free trade agreements. However, Vietnamese tuna exports to the US have declined in the first half of 2023, with Vietnam now holding a 11% share of the US tuna market, down from 21%, and the number of enterprises exporting tuna to the US having decreased to 36 in the first quarter of 2023.

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Original content

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), for the past 3 months, Vietnam's tuna exports to Mexico have grown continuously. In April 2023 alone, tuna exports to this market increased by 117% over the same period in 2022, reaching nearly $1.9 million. Accumulated in the first 4 months of 2023, exports to Mexico reached nearly $7.4 million, up 44% over the same period in 2022. According to statistics of Vietnam Customs, Mexico mainly imports tuna meat and fillet from Vietnam, accounting for 74% of total export value, the rest is other processed tuna products. With the entry into force of the CPTPP Agreement, Vietnamese frozen tuna loin products with code HS0304 exported to Mexico are currently being reduced from the base tax rate of 20% to 0%. Other processed tuna products, such as frozen steamed tuna loins, are exempt from tax when imported into Mexico. Thus, the entry into force of CPTPP will create favorable conditions for Vietnam's tuna ...

Source: Haiquanonline