Vietnam’s tuna exports to Mexico have been continuously increasing in 2023
MEKSEA.COM – In the past three months, Vietnam’s tuna exports to Mexico have been continuously increasing. In April 2023, tuna exports to this market surged by 117% compared to the same period in 2022, reaching nearly 1.9 million USD. Cumulatively, in the first four months of 2023, exports to Mexico amounted to nearly 7.4 million USD, a 44% increase compared to the same period in 2022.
With this growth rate, Mexico is currently the 8th largest market for tuna imports from Vietnam.
According to Vietnam Customs statistics, Mexico primarily imports tuna meat/loins from Vietnam, accounting for 74% of the total export value, while the remaining share consists of other processed tuna products.
With the effective implementation of the CPTPP agreement, Vietnam’s frozen tuna loins (HS code 0304) exported to Mexico are now subject to a reduced tariff rate, from the base rate of 20% down to 0%. Other processed tuna products such as frozen tuna loins are also exempted from import duties when entering Mexico.
Therefore, the implementation of the CPTPP agreement provides favorable conditions for Vietnamese tuna enterprises to boost tuna exports to the Mexican market, especially for frozen tuna loins (HS code 0304).
Currently, Mexico has relations with many important economic regions worldwide. Furthermore, Mexico shares language, origin, history, and culture with countries in the Latin American region, which is considered a gateway to vibrant economic regions such as the G20 and the Pacific Alliance. In addition, Mexico has a free trade agreement with Europe, the North American Free Trade Agreement (NAFTA), and is a member of the CPTPP.
Moreover, as the CPTPP agreement has been in effect for three years, many key Vietnamese products have the opportunity to penetrate the 11th most populous market in the world, including tuna.
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By Hayati (Meksea Team)
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