Vietnam’s shrimp exports to Australia show many signs of growth

According to statistics of Vietnam Customs, since 2018, Vietnam’s shrimp exports to Australia have also increased continuously from US$115 million in 2018 to US$188 million in 2021.

Australia is the 7th biggest import market of Vietnam’s shrimp, accounting for 5% of total Vietnam’s shrimp exports value in 2021. In the first 4 months of 2022, Vietnam's shrimp exports to Australia recorded a fairly high growth rate. Australia has surpassed the UK, coming to the 6th place in terms of shrimp imports from Vietnam with the proportion increased to 7%.

The main shrimp products exported to Australia in the first 4 months of this year are boiled, frozen cooked headless tail-off whiteleg shrimp; fresh frozen PD headless tailless whiteleg shrimp, fresh frozen PDTO headless and tailed whiteleg shrimp, frozen PD IQF whiteleg shrimp... The biggest exporters of shrimp to Australia are Minh Phu Seafood Corp, Cases, Minh Phu-Hau Giang JSC, Viet Shrimp Corporation…

According to data from the World Trade Organization, Australia's shrimp imports in the first quarter of 2022 reached nearly US$100 million, up 18% over the same period last year. From the beginning of 2021 until now, shrimp imports into Australia have recorded continuous growth.

In the top of the main shrimp suppliers to Australia in the first quarter of this year, shrimp imports from Vietnam increased while imports from the remaining sources decreased.

Vietnam is the largest shrimp supplier to Australia, accounting for 72% of the total shrimp import value of this market. Thailand ranks second with a market share of 13%, followed by China with 8%.

The average price of shrimp imports to Australia in the first quarter of 2022 reaches about 11 USD/kg, while the average import price is 11 USD/kg from Vietnam, 9,25 USD/kg from Thailand, 9,83 USD/kg from China.

With multilateral free trade agreements with Australia, especially the Regional Comprehensive Economic Partnership (RCEP) coming into effect from the beginning of 2022, Vietnam’s shrimp entering the Australian market will have better competitiveness thanks to the tax reduction roadmap.

With the advantage of being the largest shrimp supplier to Australia for many years, along with RCEP, Vietnam's shrimp exports to Australia are expected to continuously grow in this year.