Top 5 largest shrimp import markets from Vietnam
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Shrimp demand of the world more and more increase strongly. Which not only attracts Vietnam shrimp enterprises but also many other countries
Top 1: US
The US is the country having the best growth rate in the top 5 largest shrimp import markets from Vietnam. In recent years, the growth rate of Vietnam’s shrimp imports to the US has increased its competitiveness. The key export items of Vietnamese seafood to the US market continuously increased in the first half of the year. According to VASEP, Vietnam’s vannamei shrimp exports to the US reached 439.8 million USD, up 36% over the same period last year.
The US remains the leading import market of Vietnamese enterprises for vannamei shrimp. Nearly 90% of shrimp export value to the US in the past year was vannamei shrimp. In which, the value of processed vannamei shrimp (HS16) increased by 26%; live/fresh, frozen vannamei shrimp (HS03) increased by 49%. Black tiger shrimp accounted for only 8.5% of Vietnam’s total shrimp exports to the US, also recording a 55% increase in value.
According to VASEP, retail sales in the US are still increasing while the Covid-19 pandemic is raging. Demand for shrimp imports from the US is high for takeaway and delivery. Demand for restaurants and food services in the US is gradually recovering due to the rapid rate of vaccination in this country.
Top 2: Japan
Japan is the second-largest shrimp import market from Vietnam. As of October 2021, Vietnam’s key seafood products exports to Japan have shown signs of increasing. In which, Vietnamese shrimp exported to Japan reached 183.1 thousand tons, equivalent to 1.83 billion USD. An increase of 5.4% over the same period in 2020.
Japan imports from Vietnam mainly products such as vannamei shrimp, live, fresh and frozen shrimp (HS03).
Top 3: EU
Thanks to the effective use of tariff incentives in the EVFTA agreement, Vietnam’s shrimp exports to the EU market have recorded many positive signals.
In the first 6 months of 2021, Vietnam’s shrimp exports to the EU market reached 29.6 thousand tons, equivalent to 255.7 USD, up 27.5% over the same period in 2020. In which, the leading shrimp importing countries in Vietnam in the EU market are Germany, the Netherlands, Belgium, France, and Denmark. It is forecast that in the upcoming time, shrimp demand for summer will more and more increase in EU market. This is an opportunity for Vietnamese shrimp exporters to further promote shrimp exports to the EU in the late 2021 period. Especially, Vietnamese shrimp products enjoy many tax incentives from the EU. The EVFTA and Vietnam’s shrimp export results in the past time show that the prestige and brand name of Vietnamese shrimp in the EU is increasing compared to the time before the EVFTA took effect.
Top 4: China
Due to the impact of covid-19, the demand for importing Vietnamese shrimp to the Chinese market has not shown any signs of recovery. The reason is due to the strict control policy of coronavirus for imported seafood, causing congestion at ports in China. However, China is the fourth largest shrimp import market from Vietnam.
In the first 10 months of 2021, Vietnam’s shrimp exports to the Chinese market reached 341.5 million USD. In October alone, Vietnam’s shrimp exports to this market reached $43.5 million.
Currently, workers at enterprises have been vaccinated with 2 doses of vaccine. It is expected that Vietnam’s shrimp exports this year will reach more than 3.8 billion USD, up 2.7% compared to 2020
Top 5: Korea
South Korea is the fifth largest shrimp import market from Vietnam. Which accounts for 9.5% of Vietnam’s total shrimp export value.
In 2021, Vietnam’s shrimp exports to the Korean market have many fluctuations. However, so far, Vietnam’s shrimp exports to South Korea have shown many signs of recovery. In September 2021, Vietnam’s shrimp exports to this market reached 30.8 million USD, a slight increase of 3.6%. By the first half of October 2021, shrimp exports to South Korea increased by 26% over the same period last year.
In the third quarter of 2021, the plan to live with COVID-19 has expanded personal consumption, cutting oil taxes is expected to boost consumption in Korea. Therefore, Korean shrimp demand is expected to increase from now until the end of the year. Since then, VASEP forecasts that Vietnam’s shrimp exports to South Korea in the last quarter of this year will still record positive growth, bringing the whole year’s turnover to an increase of about 3-5% compared to last year.
Currently, Vietnam’s shrimp products exported to Korea include headless, shelled and tailed vannamei, fresh and frozen Nobashi vannamei, fresh and frozen butterfly-cut sushi vannamei shrimp, and frozen PD-dipped vannamei shrimp. frozen, fresh and frozen PTO moth-cut black tiger shrimp and frozen PD Spear shrimp.
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By Hayati (Meksea Team)
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