Vietnam’s shrimp exports to South Korea increased 52% over the same period last year

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In the first quarter of 2022, Vietnam’s shrimp exports to South Korea gave a positive signal reaching nearly USD 104 million, up 52% over the same period last year, reported the Vietnam Association of Seafood Exporters and Producers. Korea is the third largest whiteleg shrimp export market of Vietnam (after the US and Japan).

This is a positive signal for Vietnam’s shrimp exports to that market after 2021, the export value to this market will only increase slightly, they said. Vietnam’s shrimp exports to Korea in the previous years 2020 and 2019 also only increased slightly or decreased.

Vietnam’s shrimp exports to South Korea are expected to continue to increase in the near future thanks to the support from Trade Agreements with Korea such as the Vietnam – Korea Free Trade Agreement (VKFTA) effective from December. 2015 and the Regional Comprehensive Economic Partnership (RCEP) took effect from January 2022.

The export value of Vannamei shrimp saw a strongest growth of 85%

In the structure of Vietnamese shrimp products exported to Korea, the export value of whiteleg shrimp accounted for 86.4% while black tiger shrimp accounted for only 2.9%.

In the first quarter of this year, the export value of whiteleg shrimp increased by 56% while black tiger shrimp decreased by 14%. The export value of live/fresh/frozen Vannamei shrimp to South Korea saw the strongest growth of 85% over the same period last year.

In the first quarter of this year, Korea continued to give priority to ordering vannamei shrimp from Vietnam with outstanding products such as Vannamei shrimp without head, peeled with tail, fresh and frozen Nobashi vannamei, and leg shrimp, white sushi sliced fresh butterfly, frozen, frozen white leg shrimp dip PD. In addition, this market also imports fresh and frozen PTO black tiger shrimp and frozen PD iron shrimp from Vietnam.

The largest shrimp supplier to Korea

The companies that export the most Vannamei shrimp to Korea are Ca Mau Seafood Processing and Services Joint Stock Company, Minh Phu Hau Giang Seafood Joint Stock Company, Nha Trang Seafoods Joint Stock Company – F17, company Ngoc Trinh Bac Lieu Import-Export, Seafood Processing One Member Limited Liability Company and Southern Shrimp Joint Stock Company.

“According to ITC statistics, in the first 2 months of 2022, Korea imported nearly USD 135 million of shrimp, up 33% over the same period in 2021. Imports from main sources all increased, in which imports from China increased the most by 66%.“

Vietnam is the largest shrimp supplier to Korea with an overwhelming market share of 44.5%. Meanwhile, other competitors are Canada, accounted for 10.9%; Ecuador, with 9.5% and China, with 8.1%. In the Korean market, Vietnamese shrimp do not have to compete much with shrimp from other sources.

Total seafood production in the first 4 months of 2022

In the other hand, an according to a report by the Center for Informatics and Statistics, Ministry of Agriculture and Rural Development, the Vietnamese total fishery production in April 2022 is estimated at 736.4 thousand tons, up 2.6% over the same period in 2021. In the first month of 2022, the total fishery output was estimated at 2,600 thousand tons, up 2.2% over the same period last year.

In April 2022, aquaculture and fishing activities have returned to normal, aquaculture has developed stably, prices of farmed catfish and shrimp are at a high level, people are actively stocking a new crop.

Aquaculture has grown quite well both in terms of new stocking and product harvesting, mainly due to the continued demand for export of key aquatic products with many positive signs.