From 2016 to 2018, Vietnamese shrimp exports to Canada grew continuously from US $122.5 million in 2016 to US $161.6 million in 2018. In the first 9 months of 2019, shrimp exports to Canada reached US $ 105.3 million, down 7% over the same period in 2018. As of September 2019, Vietnamese shrimp exports to Canada grew positively in January, April and July and decreased in the remaining months.
In the structure of Vietnamese shrimp products exported to Canada, the proportion of whiteleg shrimp is increasing. Canadian consumers prefer processed shrimp products and the popular product in the Canadian market is steamed whole shrimp (shell on).
Currently, Canada consumed a lot of warm water shrimp of Southeast Asian countries in the context of declining supply of coldwater shrimp. Recent reports expect coldwater shrimp production in Canada will drop sharply in 2019 as shrimp biomass surveys at Canadian fishing grounds show poor results. The volume of coldwater shrimp imports into Canada has also been declining.
According to the International Trade Center (ITC), Canada's shrimp imports in 2018 and the first quarter of 2019 decreased compared to the same period. Vietnam is still the largest shrimp supplier to this market, accounting for 30.3% market share in Canada. India and China ranked second and third respectively with 26.3% and 16.9% of market share.
Frozen warm water shrimp and processed shrimp has a strong foothold in the Canadian market. Earlier 2019, the CPTPP Agreement came into effect for Vietnam, of which both Vietnam and Canada are members. Previously, Canada's tariff authorizes preferential (MFN) rate for seafood products of Vietnam including shrimp was 4-5%. However, under the CPTPP commitment, the tax rate for these items has decreased currently to 0%. This is also an opportunity for Vietnamese shrimp businesses to harness the Canadian market as Vietnamese competitors in this market such as India, Thailand and Indonesia did not participate in this agreement.
The Government of Canada is in need of diversifying markets, reducing dependence on imports from the US. Meanwhile, Vietnam is one of the countries where Canadian businesses are interested in promoting import and export activities.
Canada is a market that customers willing to pay for high-value products. This is also an important bridge for Vietnamese businesses to expand their markets to other American countries. Enterprises need to carefully study the market, focusing on factors of price, design and quality to improve the competitiveness of Vietnamese shrimp products on the Canadian market.
(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.
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