In the midst of the Covid-19 epidemic, Vietnam's tuna exports to Canada in the first 11 months of 2020 still increased by 25% over the same period. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), effective from January 14, 2019, has created leverage for tuna exports to this market.
Tuna export value of Vietnam to Canada reached more than 25 million USD, accounting for 4.2% of total export value of Vietnamese tuna in the first 11 months of 2020. This is the most positive growth in the top 10 import markets of Vietnam tuna in the past year.
In November 2020 alone, the tuna export value of Vietnam to Canada reached nearly 3.8 million USD, up 191% over the same period in 2019.
According to the statistics of the International Trade Center (ITC), Vietnamese tuna is accounting for 8% of the Canadian market. In addition, Canada also imports a lot of tuna from Thailand and Italy. In 2020, Vietnam ranks 3rd in the largest tuna supplies for this market.
Vietnam exports a lot of frozen tuna meat code HS030487 and canned tuna HS16 code to the Canadian market.
As committed in the CPTPP, Canada has cut the tax rate for canned processed tuna products from 7% to 0% as soon as the agreement comes into effect. Meanwhile, Thai products are subject to a tax of 5.8%, Philippines 4% and Italy 5.8%. Therefore, the CPTPP is creating opportunities for processed tuna products of Vietnam to penetrate deeper into the Canadian market.