MEKSEA.COM – According to Vietnam Customs data, in January 2024, Vietnam’s shrimp exports to Japan reached over $37 million, an increase of 30% compared to the same period in 2023. In the first month of the year, Japan was Vietnam’s third largest shrimp export market after the US, China, and Hong Kong, accounting for 15.4% of the total.

In 2023, Vietnam’s shrimp exports to Japan declined due to reduced consumer demand in the market, increased inflation, yen depreciation, which affected purchasing decisions of Japanese importers. Vietnam’s shrimp exports to Japan in 2023 reached nearly 57 thousand tons, valued at $511 million, down 17% in volume and 24% in value compared to 2022. However, there were signs of recovery in Vietnam’s shrimp exports to Japan as they slightly increased in the last month of 2023.

According to Japan Customs, shrimp was Japan’s most significantly decreased imported item in 2023, dropping by 9.4% in volume to 212.4 thousand tons. The average import price of shrimp in Japan in 2023 was USD 9.6/kg, down 1.4% compared to 2022.

The Japanese market is considered to have more potential and is expected to recover sooner than other major markets like the US and EU in 2024. Japanese consumers demand high-quality, visually appealing, intricately processed products that match Vietnam’s processing capabilities. Additionally, Japan’s geographical proximity and safer payment methods make it more favorable compared to the US and EU.

Currently, value-added processed shrimp products account for 40-45% of the total shrimp export value annually. Vietnam’s shrimp processing capabilities are globally competitive, giving it an advantage in the Japanese market. Vietnamese shrimp leads in the premium shrimp segment in Japan.

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By Hayati (Meksea Team)

(hayati@mekseaconnection.com)

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