Mexico: The leading market in the CPTPP bloc importing Vietnamese Tra fish

Mexico continues to be the leading market in the CPTPP bloc importing Vietnamese Tra fish

As of mid-July 2024, Mexico remains the top market within the CPTPP, and the third largest single market, following China and the United States, for Vietnamese tra fish consumption.

According to Thu Hang, an expert from the Vietnam Association of Seafood Exporters and Processors, despite the geographical distance, Vietnamese tra fish remains popular among Mexican consumers. Vietnamese tra fish shares similar characteristics in terms of firm texture and flavor with other white-fleshed fish such as cod, halibut, haddock, and pollock.

Moreover, with significantly lower production costs compared to other white-fleshed fish, Vietnamese tra fish has quickly become a highly competitive substitute, appealing not only to Asian palates but also to many countries worldwide.

Tra fish is among the seafood products benefiting from the CPTPP. Vietnam Customs statistics show that in the first half of July 2024, tra fish exports to Mexico reached over US$ 4 million, a 90% increase compared to the same period in 2023. As of July 15, 2024, cumulative tra fish exports to this market reached US$ 39 million, up 14% year-on-year.

In the first half of this year, the Mexican market consumed nearly US$ 300,000 of value-added tra fish, a 262% increase year-on-year. Although still growing, the average export price of Vietnamese tra fish to Mexico in the first half of this year remained below US$ 2.5/kg. However, this is not the lowest price in the past three years.

In the second half of this year, tra fish exports are expected to continue the growth momentum as people in this Latin American country are preparing for festivals and holidays.