Mexico, with its dynamic economy, large population, and gateway to over 500 million consumers, is an increasingly attractive market region for the world, including Vietnam.
Mexico has established relationships with many crucial economic regions globally and is considered a hub for expansion into vibrant economies such as the G20 and the Pacific Alliance.
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), tra fish is among the seafood products benefiting from preferential treatment under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Despite a continuous decrease in imports during February, March, and April 2024, exports of tra fish to Mexico rebounded with positive growth in May and June 2024. Notably, June 2024 was the month when this market absorbed the most tra fish from Vietnam, with import values surpassing $8 million, reflecting a 50% increase compared to June 2023.
Citing data from Vietnam Customs, VASEP reported that in the first half of July 2024, exports of tra fish to Mexico exceeded $4 million, marking a 90% increase compared to the same period in 2023.
Cumulative data from the beginning of the year to mid-July 2024 shows that exports of tra fish to this market reached $39 million, a 14% increase compared to the previous year. Mexico continues to be the top market within the CPTPP bloc and the third-largest single market for Vietnamese tra fish, only after China and the United States.
Vietnam’s exports to Mexico primarily consist of frozen tra fish fillets and frozen tra fish portions. In Q2 2024, exports of frozen tra fish fillets and portions under HS code 0304 to this market exceeded $18 million, a 19% increase. During the first six months of the year, exports under this code reached over $31 million, a 6% increase compared to the same period last year.
During Q2 2024, Mexico did not import any value-added processed tra fish products from Vietnam. In the first half of this year, this market consumed nearly $300,000 worth of value-added tra fish, a 262% increase compared to the same period, accounting for 1% of the total and mainly attributed to imports from the first quarter.
“Despite the geographical distance, Vietnamese tra fish remains popular among Mexican consumers. Tra fish shares similarities in terms of firm flesh and flavor with other white-fleshed fish species such as cod, haddock, and pollock,” VASEP stated.
Additionally, with the advantage of significantly lower production costs compared to other white-fleshed fish, Vietnamese tra fish has swiftly become a competitive alternative, appealing not only to Asian tastes but also to those in numerous other countries worldwide.
VASEP noted that while exports to Mexico have grown, the average export price of Vietnamese tra fish to this market in the first half of this year remained below $2.50/kg. However, this is not the lowest price recorded in the past three years.
In the first six months of 2024, I.D.I Corp was the leading exporter of tra fish to Mexico, accounting for 46% of the total volume. According to VASEP’s forecast, exports of tra fish are expected to maintain their growth trajectory in the second half of the year as the Latin American country’s citizens prepare for festivals and holidays.
The most extensive bribery case ever in Thanh Hoa: Numerous suspects prosecuted for “Giving and Receiving Bribes”
The Provincial Security Investigation Agency (PSIA) of Thanh Hoa province announced on January 31st that it has made the decision to initiate a prosecution against 23 individuals in connection with the offenses of “Accepting bribes” and “Giving bribes” as stipulated in Article 354(3) and Article 364(2) of the Criminal Code.
Accelerating disbursement of the 120 trillion VND credit package for social housing
Deputy Prime Minister Trần Hồng Hà has recently issued directives regarding the implementation of the 120,000 billion VND credit package for investors and buyers of social housing, workers’ housing, and projects for the renovation and construction of apartment buildings.
“Prosecution of government officials, land registration officers, and tax department employees in the largest bribery case ever”
The Thanh Hoa Police Investigative Agency has initiated legal proceedings against 23 individuals involved in the crimes of “Bribery” and “Receiving bribes”. This is the largest bribery case in terms of the number of suspects ever discovered and apprehended by the Thanh Hoa Police.
Mobile World achieves revenue of VND118,000 trillion: TVs, tablets, and phones all decrease by 10% – 50%, while one product grows in both quantity and revenue.
Mobile World Investment Corporation (MWG) has recently announced its 2023 business results. According to the report, the company’s consolidated revenue reached over 118 trillion Vietnamese dong, equivalent to 89% of the revenue in 2022.
Vietnam’s Irresistible ‘Specialty’ That China Desperately Wants to Revive: Highly Popular from the US to Asia, Bringing in Millions of Dollars
Vietnam is one of the largest exporting countries in the world, along with China and the Philippines.
