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Vietnam is the world’s leading producer of black tiger shrimp with a production of 3 million tons per year
Shrimp exports to South Korea expected to grow 30pc in 2019
(VIET NAM, 5/8/2019)
In 2018, Vietnam shrimp exports to South Korea reached USD 385.8 million, up 1 per cent compared to 2017, placing this country as the 5th larger importer of Vietnamese shrimp, reports the Vietnam Association of Seafood Exporters and Producers (VASEP).
According to VASEP, with stable demand, high export prices and tariff preferences through the Korea - Viet Nam Free Trade Agreement compared to its competitors, Vietnam still has many opportunities to boost shrimp exports to this market in 2019.
Photo: ExportGenius
In the first half of 2018, Vietnan´s shrimp exports to South Korea grew consistently in all months, but they decreased during the second half of the year. Shrimp prices on world and domestic markets fell, while world supply of shrimp rose, affecting exports of Vietnamese shrimp to Korea in the second half of 2018.
In 2018, whiteleg shrimp accounted for the largest proportion of Vietnam's shrimp products exported to Korea, whith 85.5 per cent, whereas black tiger shrimp accounted for only 6.2 per cent. In particular, live/ fresh/ frozen whiteleg shrimp (HS03 code) represented the highest value of all Vietnamese shrimp products exported to Korea. The export price of peeled and tail-on whiteleg shrimp with sizes such as 21/15, 51/70, 71/90, 91/110, 100/200 ranged from USD 7.2-9.5 /kg.
Comparative figures from 2013-2014 show how Korea increase gradually shrimp import from Vietnam (Graphs: VASEP)
According to ITC statistics, in 2018, South Korea's shrimp imports reached nearly USD 650.8 million, up 7.2 per cent compared to 2017.
Vietnam was the largest supplier of shrimp to Korea accounting for an overwhelming 58 per cent market share, while other competitors such as Thailand accounted for 11.2 per cent, Ecuador for 10.5 per cent, and China for 4.8 per cent. Ecuadorian shrimp imports progressed while imports from Thailand and China dropped compared to 2017.
IQF frozen Shrimp processing line (Photo: Stock File)
In the Korean market, Vietnam must compete on shrimp price with China, India and Ecuador . However, Vietnam was subject to the lowest import tax (10 per cent) compared to other rival suppliers such as China (20 per cent), India (12.5 per cent), Ecuador (20 per cent) and Thailand (10 per cent).
VASEP expects that Vietnam's shrimp exports to South Korea will reach about USD 500 million in 2019, an increase of 29.5 per cent compared to 2018.
editorial@seafood.media
www.seafood.media
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