In the first half of 2018, Vietnam shrimp export to Korea grew positively in all months. During the second half of the year, Vietnam shrimp exports to Korea decreased. Shrimp prices on world and domestic markets fell, while world supply of shrimp rose, affecting the export of Vietnam shrimp to Korea in the second half of 2018.
In 2018, in the structure of Vietnam's shrimp products exported to Korea, whiteleg shrimp accounted for the largest proportion at 85.5% whereas, the proportion of black tiger shrimp accounted for only 6.2%. In particular, live/ fresh/ frozen whiteleg shrimp (HS03 code) accounted for the highest value of all Vietnamese shrimp products exported to Korea. The export price of peeled and tail-on whiteleg shrimp with sizes such as 21/15, 51/70, 71/90, 91/110, 100/200 ranging from US$7.2-9.5 /kg.
According to ITC statistics, in 2018, importing shrimp to this market reached nearly US$ 650.8 million, up 7.2% compared to 2017.
Vietnam was the largest supplier of shrimp to Korea accounting for an overwhelming 58% market share while other competitors such as Thailand accounts for 11.2%, Ecuador acounts for 10.5%, and China accounted for 4.8%. Among the largest shrimp supplies to Korea, shrimp imports from Vietnam and Ecuador progressed while imports from Thailand and China dropped compared to 2017.
In the Korean market, Vietnam must compete on shrimp price with China, India and Ecuador . However, Vietnam was subject to the lowest import tax (10%) compared to other rival suppliers such as China (20%), India (12.5%), Ecuador (20%) and Thailand (10%). ).
It is expected that Vietnam will export about US$500 million to Korea in 2019, a progress of 29.5% compared to 2018.
(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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