Mexico is the third largest import market for pangasius from Vietnam.

As a dynamically developing economy with a large population and a gateway to more than 500 million consumers, Mexico is gradually becoming an attractive market area for the whole world, including Vietnam. Mexico has relations with many important economic regions in the world and is considered a hub for expanding to dynamic economic regions such as the G20 (group of major economies) or the Pacific Alliance.

Mexico is Vietnam's third largest pangasius import market. Illustrative photo

Pangasius is among the seafood products that enjoy incentives under the CPTPP Agreement. According to statistics from the General Department of Customs, in the first half of July 2024, pangasius exports to Mexico reached more than 4 million USD, an increase of 90% over the same period in 2023. As of July 15, 2024, cumulative pangasius exports to this market reached 39 million USD, an increase of 14% over the same period last year. As of mid-July 2024, Mexico continued to be the leading market in the CPTPP bloc, and was the third single market after China and the US in consuming the most pangasius from Vietnam.

Figures based on calculations by the General Department of Customs

After continuously decreasing imports in February, March, and April 2024, pangasius exports grew positively again in May and June 2024. In particular, June 2024 is the month when this market consumes the most Vietnamese pangasius with an import value of more than 8 million USD, an increase of 50% compared to June 2023.

Vietnam mainly exports frozen pangasius fillets and frozen pangasius cuts to Mexico. In the second quarter of 2024, exports of frozen pangasius fillets with HS code 0304 to this market reached more than 18 million USD, up 19%, and in the first 6 months of the year reached more than 31 million USD, up 6% over the same period last year.

In the second quarter of 2024, Mexico imported almost no value-added processed pangasius products (HS code 16) from Vietnam. In the first half of this year, this market consumed nearly 300 thousand USD of value-added pangasius, an increase of 262% over the same period, accounting for 1% of the proportion, and mainly due to imports from the first quarter of the year.

Despite the growth, the average export price of Vietnamese pangasius to Mexico in the first half of this year remained below $2.5/kg. However, this is not the lowest price in the past 3 years.

Despite the geographical distance, Vietnamese pangasius is still favored by consumers in Mexico. Vietnamese pangasius has many similarities in terms of firmness and taste compared to other white-fleshed fish such as cod, smelt, haddock and pollock. In addition, with the advantage of much lower production costs compared to other white-fleshed fish, Vietnamese pangasius has quickly become a highly competitive alternative product not only for Asian tastes but also in many countries around the world.

In the first 6 months of 2024, IDI Corp was the largest exporter of pangasius to Mexico, accounting for 46% of the total. Pangasius exports are expected to continue to grow in the second half of this year as people in this Latin American country prepare for festivals and holidays.

Source: https://congthuong.vn/mexico-la-thi-truong-nhap-khau-ca-tra-lon-th-ba-cua-viet-nam-339394.html