MEXICO IS THE 8TH LARGEST TUNA IMPORT MARKET OF VIETNAM

Logistic News

MEXICO IS THE 8TH LARGEST TUNA IMPORT MARKET OF VIETNAM

15 June 2023

In the first 4 months of 2023, tuna exports to Mexico reached nearly 7.4 million USD, up 44% over the same period in 2022.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in April 2023, tuna exports to the Mexican market increased by 117% over the same period in 2022, reaching nearly $1.9 million.

Accumulated in the first 4 months of 2023, tuna exports to Mexico reached nearly US$7.4 million, up 44% over the same period in 2022. With this growth rate, Mexico is currently the 8th largest tuna import market of Vietnam.

According to statistics of the General Department of Customs, Mexico mainly imports tuna meat/loin from Vietnam, accounting for 74% of total export value, the rest is other processed tuna products.

Currently, Mexico and Vietnam are two markets that are quite similar to each other. Many key products of Vietnam have many opportunities to penetrate into the 11th most populous market in the world, especially after the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) comes into effect.

Accordingly, frozen tuna loin/fillet products with HS code 0304 from Vietnam 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.

According to Mr. Luu Van Khang - Commercial Counselor, Vietnam Trade Office in Mexico (concurrently Guatemala, Honduras, El Salvador, Belize), people in this country strongly consume semi-processed or processed products in supermarkets or convenience stores, so this item is a potential item for Vietnam's seafood products.

According to VASEP, including 2022, Vietnam's tuna exports reached the target of 1 billion USD, an increase of 34% compared to 2021. This is also the first time the tuna industry has achieved an export value of billion USD. This result contributes to the seafood industry's export turnover of 11 billion USD in 2022.

Source: congthuong.vn