From 2018 to 2022, in the top 6 import markets, only Australia has continuously increased seafood import turnover from Vietnam. From 197 million USD in 2018 seafood exports to Australia increased by 85% to 365 million USD in 2022. The proportion of the Australian market therefore also increased from 2.2% to 3.3% of Vietnam's total seafood exports.
The opening of the Australian market together with tariff incentives from the CPTPP free trade agreement has brought about an opportunity to increase Vietnam's seafood exports to Australia in recent years.
Breaking through and accounting for the largest proportion of products exported to Australia after 4 years is vannamei shrimp. In 2022, the export of this product to Australia reached 259.5 million USD, up 171% compared to 112 million USD in 2018, before the CPTPP agreement took effect.
Shrimp revenue accounted for 71% of Vietnam's seafood export value to Australia in 2022, compared to 49% in 2018.In contrast, pangasius exports to Australia decreased from 24% to 10%. From 2018 - 2022, Vietnam's pangasius exports to Australia decreased by 18%, from $47 million to $38 million.
Among the top 3 seafood products exported to Australia, barramundi accounts for 6% of export sales with a value of nearly 21 million USD in 2022. Vietnam's barramundi exports are mainly farmed products of Australis company in Vietnam.
Vietnam is holding the No. 1 position in the Australian seafood market, accounting for 23% of Austria's seafood imports in 2022. This proportion is much higher than 13% of 5 years ago, showing a strong breakthrough of Vietnam's seafood products in Australia, thanks to the good trade cooperation relationship and FTA agreements with Australia, including AANZFTA, CPTPP and RCEP.
Especially, after the CPTPP agreement came to effect, seafood products such as shrimp, pangasius and marine products imported from Vietnam into Australia has enjoyed a tax rate of 0%.
In the first quarter of 2023, Vietnam's seafood exports to Australia reached 63 million USD, down 32% over the same period last year. In which, whiteleg shrimp exports decreased by 34%, pangasius exports decreased by 26%, seabass decreased by 34%...
In the context of 2023, the Australian market is also not immune to the impact of the food inflation spiral, causing consumption to be affected and reduced.
Hopefully, after the Australian diplomatic delegation’s visit to Vietnam, seafood exports from Vietnam to Australia will rise to a new high, whereby not only shrimp but also pangasius and seafood to this market will grow stronger.
(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.
(seafood.vasep.com.vn) Khánh Hòa province is currently leading the way in implementing Electric Catch Documentation and Traceability System (eCDTs).
(seafood.vasep.com.vn) The European Union, with its stringent quality requirements, has become an attractive destination for the shrimp industry of many countries, including Vietnam. Vietnamese shrimp meeting EU export standards not only increases product value but also solidifies Vietnam's position in the global seafood market.
(seafood.vasep.com.vn) Vietnam's shrimp exports accounted for the highest export value among all seafood products in the first nine months of the year, reaching nearly $2.8 billion, a 10.5% increase compared to the same period in 2023.
(seafood.vasep.com.vn) According to the Ben Tre Statistics Department, the province’s aquaculture sector has been relatively stable and has experienced growth recently, particularly due to the high efficiency of intensive shrimp farming models.
(seafood.vasep.com.vn) In the third quarter, several Vietnamese seafood companies announced strong financial results, showcasing resilience and growth in a challenging market.
(seafood.vasep.com.vn) In the first nine months of 2024, the fishery production of Soc Trang province has continued to be stable and develop. The farming area and fishery output have increased compared to the same period last year. The consumption of seafood products has generally been favorable.
(seafood.vasep.com.vn) In the first nine months of 2024, aquaculture in Kien Giang province has shown potential growth, helping to offset the decline in capture fisheries.
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