15:56 | 09/03/2015 Finance - Banking
(VEN) - Mexico ranks 34th among 100 rice producers in the world, but it still has to import 75 percent of the domestic demand for rice from other countries, including Vietnam.
Vietnam began to export rice to Mexico in 2013. In the first 11 months of 2014, Mexico imported 224,380 tonnes of white rice (75,130 tonnes from the US, 66,410 tonnes from Vietnam, 48,320 tonnes from Uruguay, and 34,430 tonnes from Thailand).
Since January 9, 2015, Mexico has reapplied the 20 percent and nine percent import tariffs to rice and paddy respectively. These import tariffs are unfavorable to Vietnam and Thailand. It will therefore be difficult for Vietnamese rice to compete with rice exports from the US and Uruguay this year as these two countries have signed free trade agreements with Mexico.
Vietnam expects to resume rice exports to Mexico after the Trans-Pacific Partnership (TPP) is signed.
Hoang Tuan Viet