Shrimp exports to Canada, Australia, Singapore increase in 2021
MEKSEA.COM – CPTPP is the second-largest market for Vietnam’s shrimp imports after the US. As of November this year, Vietnam’s shrimp exports to the CPTPP market reached about 905.2 million USD.
Vietnam’s shrimp exports to the main markets in the CPTPP bloc tend to recover in the year-end. Currently, this market accounts for 25% of the total value of Vietnam’s shrimp exports.
Currently, CPTPP accounts for 25% of the total value of Vietnam’s shrimp exports. (photo: Meksea)
CPTPP becomes an important export market for Vietnamese shrimp enterprises after the CPTPP Agreement became effective. In 2021, besides Japan, Vietnam’s shrimp exports to Canada, Australia and Singapore markets rapidly recover.
Read more: Vietnam gains benefits from EVFTA and CPTPP in the context of covid-19 pandemic
Japan is the largest shrimp import market of Vietnam in the CPTPP. In the first 11 months of 2021, shrimp exports to Japan reached 534.5 million USD. However, due to the impact of the covid epidemic, economic growth and consumer demand in this country are not stable.
Canada is the second-largest shrimp import market of Vietnam in the CPTPP. In the first 11 months of this year, Vietnam’s shrimp exports to Canada reached about 166.5 million USD. Previously, Vietnam’s shrimp exports to the Canadian market decreased due to the impact of the covid epidemic. From October until now, Vietnam’s shrimp exports to this potential market have recovered again. Canada is a country with high income. Moreover, they are interested in warm-water shrimp from Asia. So there are many opportunities for Vietnamese shrimp exports to this potential market.
In the first 11 months of 2021, Vietnam’s shrimp export to Australia reached about 166.5 million USD, equivalent to an increase of 23,4% compared to 2020. (photo: Meksea)
In addition, Vietnam’s shrimp exports to the Australian market have many prospective signs. As of November this year, Vietnam’s shrimp exports to Australia reached $164 million. Up 23.4% over the same period in 2020. Vietnamese shrimp is currently the top supplier of Australian shrimp. This is also a potential market for Vietnamese shrimp.
Besides, in the first 3 quarters of 2021, Vietnam’s shrimp exports to Singapore fluctuates. However, by October this year, shrimp exports to this market have shown significant signs of recovery.
In general, the demand for shrimp imports from the CPTPP market this year is good. However, this is also a challenge for Vietnamese businesses when both operating and preventing the epidemic. Due to the impact of the covid epidemic, the supply of shrimp in many countries is currently in shortage. In addition, high production costs and shipping rates are also a concern not only of exporters but also of importers.
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By Hayati (Meksea Team)
(hayati@mekseaconnection.com)
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