From the beginning of the year to November 15, 2022, Vietnam’s shrimp exports to Korea reached 422 million USD, up 33% compared to the same period in 2021.
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), from the beginning of 2022, shrimp exports to Korea had a continuous positive growth from January to September. Entering October, the value of shrimp exports to this market recorded a decrease of 1% in the context of exporting enterprises facing many difficulties such as high global inflation, reduced orders, and lack of capital for production.
By November 15, 2022, Vietnam’s shrimp exports to Korea reached nearly 422 million USD, up 33% compared to the same period in 2021.
Vietnam is the largest supplier of shrimp to Korea. (Photo: Internet)
Like Japan, Korea is a preferred export market in the context of high transport costs, record inflation, and reduced demand in the US and EU markets. On the other hand, Vietnamese shrimps to Korea are entitled to preferential treatment under the Vietnam – Korea Free Trade Agreement (VKFTA) with a duty-free quota reaching 15,000 tonnes/year.
According to VASEP, Korea’s economic growth in the coming time is forecast to be better due to the easing of geopolitical tensions and China’s relaxation of the “Zero Covid” policy. China is currently Korea’s number one trading partner. Trade relations between the two countries are developing along with trade agreements such as the Regional Comprehensive Economic Partnership (RCEP), the free trade agreement between the two countries, which will be a good signal for Vietnam to increase shrimp exports to the Korean market.
According to the data from the World Trade Center (ITC), in the first 10 months of the year, Korea imported 819 million USD of shrimp, of which imports from Vietnam reached 368 million USD (accounting for 45% of Korea’s total imports compared to rival suppliers such as China (7.9%), Thailand (7.7%), and Ecuador (6.4%)./.