Vietnam’s seafood exports to Canada are expected to continue to increase sharply

According to the Agency of Foreign Trade (Ministry of Industry and Trade), in March 2022, Vietnam's seafood exports to Canada reached 35.35 million USD, up 24.7% compared to February 2022 and up 51.1% compared to March 2021. In the first three months of 2022, Vietnam's seafood exports to Canada reached 95.3 million USD, up 61.4% over the same period last year.

In which, frozen shrimp is Vietnam's main export seafood product to Canada, accounting for 64.3% of the total export turnover to this market. The next major export items include frozen pangasius, frozen tuna, canned tuna...

In QI/2022, there was a change in the structure of seafood products exported to Canada. Accordingly, the proportion of frozen shrimp and frozen pangasius increased. The share of frozen tuna in the total value of seafood exports to Canada increased, while the proportion of canned tuna exports decreased compared to the same period in 2021.

According to the data of Canada Customs, in the first 2 months of 2022, Canada’s seafood imports reached 485.3 million USD, up 20.8% compared to the first 2 months of 2021. In which, Vietnam was the fourth largest seafood supplier to Canada, accounting for 7.1% of Canada's total seafood imports. In the first two months of 2022, Canada’s three largest seafood suppliers are the US, China and Chile.

Due to a population of nearly 38.3 million people and Canada's immigration policy, the demand for seafood in this market is constantly increasing.

Canada's average seafood consumption is 9.14 kg/person/year. Hence, this will be a potential market for Vietnam's seafood export industry, especially when most of Vietnam’s key seafood products enjoy Canada’s import tax of 0%.  According to the Agency of Foreign Trade, in the coming time, Vietnam's seafood exports to Canada are forecasted to continue to increase sharply due to the increasing demand for seafood in this market.

Compiled by Phuong Linh