(seafood. vasep.com.vn) CPTPP is the second largest market for Vietnam’s imports after the US, accounting for 25% of Vietnam’s total shrimp export value to shrimp markets. As of November this year, Vietnam’s shrimp exports to the CPTPP market were estimated at US$905.2 million, down 0.2% over the same period. Vietnam’s shrimp exports to the main markets in the CPTPP block tend to recover in the year-end period.
(Photo source: seafood.vasep.com.vn)
CPTPP is an important export market for Vietnamese shrimp enterprises with many advantages after the CPTPP Agreement is implemented. This year, among the top 4 largest single import markets in the bloc, shrimp exports to Japan recovered slowly while shrimp exports to Canada, Australia, and Singapore tended to recover well. The markets of Canada, Australia, and Singapore are considered to be areas that have quite well controlled the Covid-19 epidemic, so the demand for importing goods here is not affected much.
Japan is the largest importer of Vietnamese shrimp in the CPTPP. As of November this year, Vietnam’s shrimp exports to Japan were estimated at $534.5 million, down 4.2% over the same period last year. Exports to Japan this year are not stable: increased from March to July while decreasing from August to November. Economic growth in Japan is unstable, adding bad influence from the Covid wave, restaurants restricting activities, reducing the consumption demand of people.
Canada is the second largest shrimp import market of Vietnam in the CPTPP. As of November this year, Vietnam’s shrimp exports to Canada were estimated at 166.5 million USD, down 3.6% over the same period last year. This year, shrimp exports to Canada, after decreasing in August and September, recovered again in October and November. Canada is a country with a high income of the population, the market trend of importing warm water shrimp from Asia of the market. This market increases, so there are still many opportunities for Vietnamese shrimp exports to this market.
Vietnam’s shrimp exports to Australia were estimated at over $164 million as of November this year, up 23.4% over the same period. From the beginning of the year to July this year, shrimp exports to Australia grew strongly. After that, it decreased in 3rd, 8th, 9th, 10th and then recovered again in November. Vietnamese shrimp is currently the top supplier of Australian shrimp. This is a potential market for Vietnamese shrimp.
In the first 3 quarters of this year, Vietnam’s shrimp exports to Singapore were not stable, but there are signs of recovery in October and November.
The demand for shrimp imports from the CPTPP market this year is good. However, it is necessary to control the Covid-19 epidemic well for enterprises to stabilize production. Vietnam’s shrimp exporters are still struggling with many difficulties due to the Covid-19 epidemic, high production costs and transportation charges…
By: Kim Thu (seafood.vasep.com.vn)