(vasep.com.vn) While Vietnam's tuna exports to main markets mostly decreased in August 2021, tuna exports to Mexico increased by nearly 263% over the same period in 2020 and reached the level almost equivalent to August 2019, the time before the pandemic. Previously, after a continuous decline in the first quarter, Vietnam's tuna exports to this market tended to grow continuously at a high level since April. Cumulatively in the first 8 months of 2021, the export value of tuna to this market reached more than US$ 9.3 million, an increase of 97% over the same period in 2020. With this result, Mexico becomes a promising market for Vietnamese tuna.
Tuna exports to Mexico increased by 263%
In the first 8 months of this year, tuna inventories in major markets such as the US and EU were at a high level, causing a decrease in import demand in these markets. This pushes Vietnamese tuna businesses to shift to other potential markets such as Mexico.
Mexico is the market with the second highest per capita income in Latin America. This is also a market in the CPTPP bloc. Fishery trade between Vietnam and Mexico has gained a remarkable boost since the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) took effect in early 2019.
According to the CPTPP Agreement, import and export tax on frozen tuna meat/fillets of Vietnam with HS code 0304 of Vietnam will be reduced to 0% from 2021. Besides, in 2021, Mexico's tuna catch will decrease due to Due to the impact of the Covid-19 pandemic and the decline in resources, the country had to increase imports of tuna from outside. And this is creating attraction for Vietnam for Mexican tuna importers. Tuna is currently the second most exported aquatic product to Mexico after pangasius.
Currently, the average export price of frozen tuna meat/fillet HS code 030487 to the Mexican market ranges from 6.6 to 7.1 USD/kg on average. As of the end of August, only 5 Vietnamese enterprises are exporting tuna to Mexico: Bidifisco, Hai Thanh Seafood, Dai Viet Seafood, Hong Phat Service Produce Co., Ltd, and Tithico
Although accounting for only 2% of tuna export turnover, with the current growth of tuna exports and the advantage of import tax under the CPTPP agreement, the Mexican market will be a potential and promising choice of Vietnam. many businesses in the near future.