VIETNAM TUNA EXPORTS TO MEXICO FLOURISHED
Date post :24/02/2020 - 10:35 AM
In 2018, Vietnamese tuna exports to Mexico decreased continuously compared to the same period in 2017. However, in 2019, Vietnamese tuna exports to this market prospered.
According to statistics of Vietnam Customs, Vietnamese tuna exports to Mexico decreased in the first months of 2019 but then continued to grow. By the end of September 2019, export value to this market increased by 55% over the same period in 2018, reaching nearly US $ 12 million.
Vietnam and Mexico are currently participating in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Under commitment of this agreement, frozen tuna loin products (HS0304) - the main export product of Vietnam to Mexico, will be reduced tax according to the 3-year schedule, from the base rate of 20% to 0%. Thus, in 2019, the first year that the CPTPP agreement officially come into effect for Vietnam, the tax rate applied for Vietnamese frozen tuna loin products in this market will be reduced to 13%. It will continue to reduce to 6.6% by 2020 and to 0% from 01/01/2021.
Therefore, frozen tuna loin products in Vietnam are more advantageous than that of other countries such as Indonesia, China, and the Philippines, which are subject to 15% tax. Vietnam is still the largest supplier of frozen tuna loin for Mexico.
Mexico has the largest fishing fleet in the world. The country's commercial tuna fishing output reached a peak of 166 thousand MT in 1997. However, due to declining fishing resources and the application of fishing bans, tuna catches of Mexico are gradually declining. Hence, Mexico is tending to increase imports of raw tuna to serve the domestic canned processed tuna industry.
Mexico currently consumes most of the tuna caught in the country. Only a limited amount of canned and frozen tuna is exported.