Vietnam's shrimp exports to South Korea have grown quite well since the beginning of the year with continuous positive growth rates from January to September. However, in October the export value decreased slightly by 1% as enterprises are facing many difficulties such as high global inflation, reduced orders, and lack of production capital.
Vietnam's shrimp exports to South Korea in 2022 are more positive than in 2021 thanks to the advantage of geographical location. Like the Japanese market, South Korea is the preferred export market for enterprises in the context of high freight rates, record inflation and falling demand in the US and EU markets.
Vietnamese shrimp still dominates the South Korea market
Besides, Vietnamese shrimp exported to Korea enjoy preferential treatment under the Vietnam - Korea Free Trade Agreement (VKFTA) with a duty-free quota of 15,000 tons per year. According to the World Trade Center (ITC), in the first 10 months of 2022, South Korea's shrimp imports reached more than US$819 million, up 19% over the same period in 2021. In the Korean market, Vietnam accounted for the highest market share of 45% while other suppliers such as China, Thailand, and Ecuador accounted for 7.9%, 7.7% and 6.4% respectively.
|
South Korea shrimp imports, Jan-Oct 2022 (Million USD, Source: ITC) |
|||
|
Source |
Jan-Oct 2021 |
Jan-Oct 2022 |
Change (%) |
|
Total import |
688,983 |
819,396 |
18.9 |
|
Vietnam |
295,492 |
368,866 |
24.8 |
|
Canada |
81,765 |
102,799 |
25.7 |
|
China |
54,835 |
65,062 |
18.7 |
|
Thailand |
81,921 |
63,735 |
-22.2 |
|
Ecuador |
62,672 |
52,490 |
-16.2 |
|
Malaysia |
32,001 |
34,577 |
8.0 |
|
India |
11,164 |
18,171 |
62.8 |
|
Peru |
20,200 |
52,380 |
159.3 |
As of October this year, Vietnam and China increased shrimp exports to South Korea by 25% and 19% respectively while the two main competitors of Vietnamese shrimp, Thailand and Ecuador, reduced shrimp exports to this market by 22 % and 16% over the same period in 2021.
Thai shrimp production this year faces many difficulties. Moreover, the price of Thai shrimp in the Korean market is less competitive than other competitors. Ecuador only focuses on exporting strongly to China, the US doesn’t focus much on exporting to Korea.
South Korea's economic growth in the coming time is forecasted better due to the easing of geopolitical tensions and the easing of China's zero-covid policy. China is currently South Korea's strategic trading partner. Trade relations between the two countries are on the rise along with trade agreements such as the Regional Comprehensive Economic Partnership (RCEP) and the Free Trade Agreement (FTA) between the two countries. Therefore, this will also be a good signal for Vietnam to increase shrimp exports to this market.
Compiled by Thuy Linh
(seafood.vasep.com.vn) The outlook for Vietnam’s seafood exports remains positive, with a strong focus on maintaining growth in key markets like China and the U.S., while diversifying into new regions. As global trade policies continue to evolve, adaptability and strategic planning will be key to navigating the challenges ahead.
(seafood.vasep.com.vn) Thanks to improved pangasius prices and higher production, Vĩnh Hoàn's after-tax profit in Q4 2024 reached VND 440 billion, a 4.8-fold increase compared to the same period last year.
(seafood.vasep.com.vn) According to data from Vietnam’s Customs, in Q4 2024, Vietnam’s pangasius exports to China & Hong Kong reached USD 163 million, a 17% increase compared to the same period in 2023, with consistent growth across all months. The total value of pangasius exports to China & Hong Kong for 2024 reached USD 581 million, a 1% increase over the previous year.
Vietnam’s seafood exports are projected to maintain strong growth this year, potentially reaching 11 billion USD.
(seafood.vasep.com.vn) In the final quarter of 2024, Vietnam’s surimi and fish cake exports showed consistent growth over the last three months. For the entire year 2024, exports of these products reached USD 298 million, down 2% compared to 2023. However, the final quarter saw more promising signs for the surimi and fish cake export sector, with some markets experiencing notable growth, such as Thailand, China, and Taiwan. Particularly, exports to Taiwan, which had seen continuous declines in the previous two quarters, surged by 301% in this quarter.
(seafood.vasep.com.vn) Another year of pride for Vietnam's pangasius exports has concluded, reaching over USD 2 billion and contributing 20% to Vietnam's total seafood export turnover.
Vietnam maintained its position as the fifth-largest seafood exporter to Singapore for 12 consecutive months, surpassing Japan for the first time in 2024, amid the intensifying competition in this market.
(seafood.vasep.com.vn) Despite facing numerous challenges in the second half of the year, Vietnam's canned tuna exports concluded 2024 with a 17% increase compared to 2023, reaching USD 299 million. To maintain this growth momentum in 2025, the canned tuna production and export sector requires coordinated efforts from all stakeholders.
SSI forecasts a 28% year-on-year increase in after-tax profit attributable to the parent company of Vinh Hoan Corporation (VHC), driven by a gradual improvement in average selling prices from USD 3.15/kg in 2024 to USD 3.30/kg (+5%) in 2025. An Giang Fisheries Import-Export Joint Stock Company (ANV)'s after-tax profit attributable to the parent company is projected to rebound by 104%.
In 2025, the Mekong Delta province of Bac Lieu aims to earn 1.2 billion USD from exporting shrimp, one of the key export products that accounts for over 95% of its total export value.
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