Vietnam’s shrimp exports to Canada recorded positive growth in CPTPP bloc
MEKSEA.COM – As of mid-May, 2022, Vietnam’s shrimp exports to Canada reached 100 million USD, up 87% over the same period in 2021.
According to the Association of Seafood Exporters and Producers (VASEP), Vietnam’s shrimp exports to Canada have recorded significant growth in the past two years. In particular, this is the market with the highest growth in the CPTPP as of May 2022.
In the CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership), Canada is currently the third-largest importer of Vietnamese shrimp, accounting for 22% of the total imported into this market. Canada is the sixth-largest import market for Vietnam’s shrimp, accounting for 6.3% of the total value of Vietnam’s shrimp exports.
After the CPTPP took effect in 2019, Vietnam’s shrimp exports to this market began to show optimistic signals. In 2020, Vietnam’s shrimp exports to Canada reached 187 million USD, up 23% compared to 2019 (152 million USD in 2019). In 2022, recording a slight decrease, reaching 180 million USD. However, compared to 2019, shrimp export turnover to Canada still increased by 18%.
There are many kinds of Vietnam’s shrimp exported to Canada such as frozen PDTO cooked vannamei shrimp; vannamei shrimp with shell, head removed, frozen steamed PTO vannamei shrimp, frozen fresh black tiger shrimp… Vietnam’ seafood products imported into Canada easily access the US market and vice versa when Canada and US trade accounts for 75% of Canada’s total import and export turnover.
Indicating to the World Trade Center (ITC), that in the first three months of 2022, Canada’s shrimp imports reached over 161 million USD, up 31% over the same period last year (reaching 122 million USD in 2021). In recent years, this market has had a demand for warm-water shrimp from Southeast Asian countries in the context of a decrease in the supply of cold-water shrimp. This can be considered a favorable factor for Vietnam’s shrimp exports to Canada.
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By Hayati (Meksea Team)
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