(seafood.vasep.com.vn) South Korea was the 5th largest importer of Vietnamese shrimp, accounting for 10.7% of the total value of Vietnamese shrimp exports to markets. Although not increasing sharply, Vietnam's shrimp exports to South Korea grew positively in the first two quarters of 2020. In the second quarter of 2020, shrimp exports to South Korea reached US$91.2 million, up 4.9%. Accumulated in the first 6 months of this year, shrimp export turnover to South Korea reached US$162.7 million, up 4.9% over the same period in 2019.
In the first half of July 2020, Vietnam's shrimp exports to South Korea increased by 15% over the same period in 2019. Accumulated from the beginning of the year to mid-July, Vietnam's shrimp exports to South Korea reached over $ 179 million, up 5.8% over the same period in 2019.
South Korea imports a handful of black tiger shrimp from Vietnam. Vietnam black tiger shrimp exports to this market only accounted for 4.9% of the total export structure of Vietnamese shrimp to South Korea, whiteleg shrimp made up for 83%, and marine shrimp represented 12.1%.
Export of whiteleg shrimp and black tiger shrimp to South Korea all jumped, in which, black tiger shrimp export value surged by 24.8%, whiteleg shrimp export value lifted only 1.9%. Export of processed tiger shrimp to South Korea soared by nearly 62%. Of the total shrimp products exported to Korea, dried shrimp exports to South Korea spiked the most by 194%.
The main shrimp products of Vietnam exported to Korea include PDTO shrimp, frozen sushi whiteleg shrimp, frozen steamed whiteleg shrimp, PD whiteleg shrimp, butterfly shrimp, breaded black tiger shrimp…
Vietnam is exempt from tax on shrimp imported into South Korea with a quota of 10,000 MT/year and 15,000 MT/year by 2020, but currently, Vietnam take advantage of 2,500 MT/year.
Covid-19 reappeared around the world, Korea was no exception, but Korea has proven to be able to control the disease quite well, so the epidemic situation here was not too stressful. It is expected that Vietnam's shrimp exports to this market in the third quarter will still grow positively, exports for the whole year will increase by about 5% over in 2019.
South Korea was the 8th largest shrimp importer in the world. Shrimp imports into Korea grew steadily over the years, accounting for about 2.6% of the total world shrimp imports.
Vietnam was the largest supplier of shrimp to South Korea, accounting for a large market share of nearly 52% while other competitors (Thailand 11%, Ecuador 10%, China 5.3%). In the Korean market, Vietnam has to compete in price with Chinese, Indian, and Ecuadorian shrimp. However, Vietnam has the advantage of being exempt from shrimp imports into South Korea while Ecuador is subject to a tax of 20%; Thailand is imposed a tax at 10%; China at 15%, India at 10% for shrimp products HS 030617.