Korea was the 5th largest consumer market of Vietnam shrimp behind the US, EU, Japan and China. In 5 years (2010-2014), Vietnam shrimp exports to Korea have been maintaining the positive growth. In 2014, Vietnam overtook China to become the largest supplier of shrimp to the market and maintained the top position up to now.
According to ITC, in 2015, shrimp imports into Korea reached 77.7 thousand MT, valued at US$509.6 million, up 3% in volume but down 27% in value. The downward trend in shrimp import value into the market was owing to Korea’s weak demand for shrimp and the plunge in global shrimp price. In Jan-Feb 2016, shrimp imports into Korea reported the increase of 6.3% in value but down 4.6% in value from the same period of 2015. In the Korean market, Vietnam shrimp must compete in price with other suppliers such as China, Malaysia, India. In 2015, the average import price of shrimp from Vietnam into Korea reached US$8.3/kg while shrimp price from China, Malaysia, India was US$2.9; US$7.9 and US$6.9/kg, respectively.
In the first two months of this year, among top 10 leading shrimp suppliers to Korea, Korea raised importing from Saudi Arabia and Indonesia with respective growth of 32% and 19.6% while imports from other suppliers showed the decline in which India showed the deepest dive of 62%, followed by Philippines, China and Thailand with the drop of 26.9%, 18.8% and 6.5%, respectively.
In 2016, Vietnam shrimp exports to Korea expected to have positive outlook because the FTA between Vietnam and Korea has taken effect. Accordingly, Korea committed to clear tax for 10,000 MT of Vietnam shrimp in the first year and 15,000 MT in the next 5 years. Vietnam now enjoys yearly non-tariff quota of 2,500 MT to Korean market out of total quota of 5,000 MT shared by 10 ASEAN countries. Vietnam shrimp have an advantage over ASEAN countries (namely Thailand, Indonesia, Malaysia) which is considered as an impetus for Vietnam shrimp exports to the market in the coming time.
With the gradual recovery in Korea’s economy and stable demand for Vietnam seafood, including shrimp; Vietnam shrimp exporters have opportunities to boost sales to the market.
Korean consumers are favoring processed seafood products from Vietnam, particularly shrimp owing to convenience, suitable taste and presentations. Besides, the geographical advantages, lower transportation costs than other countries in the ASEAN facilitate Korea’s demand for seafood from Vietnam.
Shrimp consumer tastes of Koreans have many similarities with Japan while Vietnam has experiences in processing of products exported to the Japanese market. This is also an advantage for Vietnam shrimp exporters.
|
Top 10 largest shrimp suppliers to Korea |
||||||
|
Origin |
Volume (MT) |
Value (US$thousand) |
||||
|
Jan-Feb 2015 |
Jan-Feb 2016 |
Variations (%) |
Jan-Feb 2015 |
Jan-Feb 2016 |
Variations (%) |
|
|
The world |
9.840 |
10.460 |
6,3 |
80.302 |
76.631 |
-4,6 |
|
Vietnam |
3.595 |
4.586 |
27,6 |
34.042 |
37.174 |
9,2 |
|
Ecuador |
1.006 |
1.158 |
15,1 |
9.362 |
9.317 |
-0,5 |
|
Thailand |
940 |
911 |
-3,1 |
9.832 |
9.189 |
-6,5 |
|
China |
2.415 |
2.106 |
-12,8 |
11.577 |
9.405 |
-18,8 |
|
Malaysia |
461 |
485 |
5,3 |
3.972 |
3.353 |
-15,6 |
|
Argentina |
318 |
290 |
-8,7 |
2.738 |
2.331 |
-14,9 |
|
Saudi Arabia |
116 |
195 |
67,2 |
921 |
1.216 |
32,0 |
|
India |
534 |
329 |
-38,3 |
4.045 |
1.533 |
-62,1 |
|
Philippines |
50 |
42 |
-15,2 |
613 |
448 |
-26,9 |
|
Indonesia |
68 |
94 |
37,4 |
586 |
701 |
19,6 |
By Kim Thu
(seafood.vasep.com.vn) The US remains Vietnam’s largest single market for shrimp imports, accounting for 20% of Vietnam's total shrimp exports globally. As of October 15th, 2024, Vietnamese shrimp exports to the US reached nearly 600 million dollas, marking a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) According to Vietnam Customs, pangasius exports to Canada reached over 1 million USD in the first half of October 2024, a 33% decrease compared to the same period last year. However, by October 15, 2024, total pangasius exports to Canada had reached 32 million USD, reflecting a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) Cà Mau is accelerating its digital transformation, developing green industries, and promoting high-tech processing of agricultural and aquatic products, with a focus on sustainable economic growth and environmental protection.
(seafood.vasep.com.vn) The Dong Thap Pangasius Festival 2024, themed 'Dong Thap Pangasius: Green Journey - Green Value', will take place on November 16-17 in Hong Ngu City.
The positive business momentum in the domestic seafood sector could last into the first half of 2025, according to experts.
(seafood.vasep.com.vn) In the first three quarters of 2024, brackish water shrimp production exceeded 1.1 million tons, with export revenue reaching $2.8 billion. The seafood industry has set a target of $4 billion for shrimp exports for the entire year.
While the price of 1 kg of shrimp hovers around 20 USD, the value of 1 kg of chitosan—extracted from shrimp—can soar to 500 USD. This highlights a significant challenge within the seafood processing industry.
(seafood.vasep.com.vn) By October, Vietnam's shrimp exports had generated nearly $3 billion, reflecting an increase of over 10% compared to the same period last year. Shrimp remains the leading commodity contributing to the export turnover of the entire seafood industry.
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (FIMEX VN - HoSE: FMC) concluded Q3/2024 with significant growth in revenue. Specifically, Sao Ta Food recorded revenue of VND 2,845 billion, a 58.6% increase year-on-year. The company's profit after tax reached VND 95 billion, up 6.2%.
VASEP's Seafood Export Report for the third quarter of 2024 provides a comprehensive overview of Vietnam's seafood export performance in the first nine months, with impressive results reaching $7.2 billion—an increase of 9% over the same period last year. In the third quarter alone, seafood exports grew by 15%, totaling $2.8 billion. This growth is attributed to a recovery in demand and prices in key markets such as the U.S. and China, as well as the competitive advantage of value-added products in markets like Japan and Australia.
VASEP - HIỆP HỘI CHẾ BIẾN VÀ XUẤT KHẨU THỦY SẢN VIỆT NAM
Chịu trách nhiệm: Ông Nguyễn Hoài Nam - Phó Tổng thư ký Hiệp hội
Đơn vị vận hành trang tin điện tử: Trung tâm VASEP.PRO
Trưởng Ban Biên tập: Bà Phùng Thị Kim Thu
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