Taking advantage of CPTPP to export agricultural and seafood products to Japan
According to data from the General Department of Customs, Vietnam's goods exports to Japan in the first four months of 2021 increased by 2.67% over the same period last year, reaching more than USD 6.6 billion. Vietnam's strong products are agricultural products with high export growth, such as pepper with an increase of 35.23%, cashew nuts with an increase of 20.35%, coffee with an increase of 14%, etc. Combined, the export value of both agricultural, seafood products and food only accounts for about 8.2% of the total export value of Vietnam's products to Japan.
Japan has a large import demand for agricultural, forestry, fishery products, processed foods, consumer goods of all kinds, electronic products, fuel, etc., while Vietnam has a great competitive advantage in most of these products.
According to aggregated data from Japanese customs, this country imports many items that are Vietnam's strengths. However, Japan mainly imports from other partner markets, e.g. the group of agricultural, aquatic products - food is imported mainly from the United States, accounting for approximately 23.3% of total imports of the group from all markets, China accounts for 11.8%.
ASEAN's market share for this group of goods accounts for 13.4%, of which imports from Vietnam only accounts for 18.3% of total imports from ASEAN and only accounts for nearly 2.4% of the total imports of Japan's commodity group from markets around the world.
Meanwhile, Japan currently has a need to import many items such as fish, fish products, shrimp, eel, meat and meat products, soybeans, cereal products, vegetables. The proportion of imported agricultural, seafood products and food products accounts for approximately 10% of the total import value of all kinds of goods.
Compared with China or the United States, Vietnam has a competitive advantage due to preferential tariffs under the commitments of bilateral and multilateral free trade agreements (FTAs) with Japan. Thus, the export potential of this product group of Vietnam to Japan is still very large.
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