Australia is Vietnam's second largest shrimp import market in the CPTPP market after Japan, accounting for 27% of Vietnam's total shrimp export value to this market. Australia is also the 5th largest shrimp import market of Vietnam, accounting for 8%.
In 2022, Vietnam's shrimp exports to Australia recorded the second highest growth after China. The export value to the Australian market in 2022 reached US$272 million, up 44% compared to 2021. While the import demand from the US and EU decreased in the last quarter of 2022, the import demand from Australia still maintained good growth from the beginning of the year.
In the 5-year period (2018-2022), Vietnam's shrimp exports increased from $115 million in 2018 to $272 million in 2022, an increase of 137%. The average annual growth rate is 25%. During this period, shrimp exports to Australia grew from 11-44%. The highest growth milestone of 44% is recorded in 2022. The impressive growth in 2022 proves that measures to promote the export of Vietnamese goods to Australia such as diplomatic activities, trade promotion, and FTAs are effective.
Vietnam's shrimp exports to Australia from 2018 to the early 2023
During these 5 years, the export of live/fresh/frozen whiteleg shrimp and black tiger shrimp products recorded strong 3-digit growth. Notably, the export value of live/fresh/frozen whiteleg shrimp in 2022 recorded a growth of 740 % compared to 2018. After 5 years, processed vannamei shrimp exports grew less while processed black tiger shrimp exports decreased.
In the structure of Vietnamese shrimp products exported to Australia in 2022, whiteleg shrimp accounted for 95.5%, marine shrimp accounted for 4.2%, and black tiger shrimp accounted for 0.3%. After 5 years, the proportion of whiteleg shrimp exports to Australia increased sharply while the proportion of marine shrimp and black tiger shrimp tended to decrease.
Australia is still considered an important market for Vietnamese shrimp in the coming time.
In the Australian market, Vietnamese shrimp have to compete with Thailand and China. From 2015 to now, Vietnam has firmly maintained its No. 1 position in shrimp supply to Australia with the market share increasing from 32% in 2015 to 69% in 2022 while Thailand's market share decreased from 23% in 2015 to 14% in 2022, China's market share fell from 28% to 8%.
Thanks to three agreements AANZFTA, CPTPP and RCEP between Vietnam and Australia, Vietnamese shrimp products exported to Australia enjoy 0% tax incentives. However, Vietnamese shrimp, especially raw shrimp, are still facing barriers in entering Australia due to strict inspection regulation in this market.
In the context of shrimp exports facing many difficulties due to the decline in import demand from main markets such as the US and EU, Australia is still considered an important market for Vietnamese shrimp in the coming time.
Compiled by Thuy Linh
(seafood.vasep.com.vn) According to statistics from Vietnam Customs, Vietnam's tuna exports in October reached nearly $93 million, marking a 22% increase compared to the same period in 2023. In the first ten months of 2024, the total export value exceeded $821 million, up 18% compared to the same period last year.
(seafood.vasep.com.vn) According to Vietnam Customs data, pangasius exports to the EU reached USD 7 million in the first half of October 2024, marking a 27% year-on-year increase. As of October 15, 2024, cumulative exports to the EU totaled over USD 134 million, reflecting a slight 0.01% decrease compared to the same period last year.
(seafood.vasep.com.vn) According to data from Vietnam Customs, pangasius export revenue in October 2024 reached nearly $202 million, a 17% increase compared to October 2023. The cumulative export value for the first ten months of the year totaled $1.7 billion, marking a 9% year-on-year increase.
(seafood.vasep.com.vn) Vietnam's exports of crabs and other crustaceans continued to see high growth in September 2024, with a 54% increase compared to the same period in 2023. In the first nine months of the year, exports of crabs and other crustaceans reached over USD 228 million, a 67% increase year-over-year.
(seafood.vasep.com.vn) Vietnam’s shrimp exports reached $394 million in October 2024, up 24%. In the first ten months of this year, shrimp exports brought in $3.2 billion, up 13% compared to the same period last year. Exports to all major markets recorded double-digit growth in October.
International Development and Investment Corporation (IDI), a key member of the Sao Mai Group, has consistently ranked among the largest seafood producers and exporters in Vietnam.
(seafood.vasep.com.vn) In recent years, the US has consistently been Vietnam’s largest seafood export market. Over the past five years, seafood export turnover to the US has ranged from 1.5 billion USD to 2.1 billion USD anually. Despite facing strict protective policies such as anti-dumping and countervailing duties, U.S. market demand remains high, and the quality of Vietnamese seafood continues to improve, helping to maintain and expand its position in this market.
(seafood.vasep .com.vn) The return of Donald Trump to the White House for a second term will bring significant impacts on Vietnam, particularly its pangasius export sector. Trump's economic policies, such as raising import tariffs, reducing corporate income taxes, and attracting foreign direct investment (FDI) back to the US, are expected to directly influence various industries in Vietnam.
(seafood.vasep.com.vn) The UAE ranked 16th among importers of Vietnamese shrimp from 2018 to 2022, accounting for approximately 0.5% of Vietnam's total shrimp export value. Annually, Vietnam exported around US$20 million worth of shrimp to this market.
(seafood.vasep.com.vn) The company also announced that its farms are well-prepared and will begin stocking in mid-November when the weather conditions are favorable.
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