According to data of the General Department of Customs , Vietnam's shrimp exports to the Korean market have grown quite well since the beginning of the year with continuous positive growth rates from January to September 2022. Export value in October decreased slightly by 1% in the context of enterprises facing many difficulties such as high global inflation, reduced orders, lack of production capital...

Shrimp exports to South Korea increased by 33%

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam's shrimp exports to South Korea in 2022 will be more exciting than in 2021 thanks to the advantage of close proximity. "Like the Japanese market, South Korea is a preferred export market for businesses in the context of high freight rates, record inflation and falling demand in the US and EU markets" , VASEP assessed. price.

In addition, Vietnamese shrimp exported to South Korea enjoy preferential treatment under the Vietnam - Korea Free Trade Agreement (VKFTA) with a duty-free quota of 15,000 tons per year.

According to the World Trade Center (ITC), in the first 10 months of 2022, South Korea's shrimp imports reached more than $819 million, up 19% over the same period in 2021. In the Korean market, Vietnam holds a high market share. 45% while rival suppliers such as China, Thailand, Ecuador, respectively, accounted for 7.9% market share; 7.7% and 6.4% of the total shrimp import value of Korea.

As of October this year, Vietnam and China increased shrimp exports to Korea by 25% and 19% respectively while the two main competitors of Vietnamese shrimp, Thailand and Ecuador, reduced shrimp exports to this market for the first time. 22% and 16% respectively over the same period in 2021.

Thai shrimp production this year is difficult. Moreover, the price of Thai shrimp in the Korean market is less competitive than other competitors. Ecuador only focuses on exporting strongly to China and the US and has not invested much in exporting to Korea.

Trade relations between the two countries Vietnam - Korea are on the rise along with Trade Agreements such as Regional Comprehensive Economic Partnership (RCEP), VKFTA Agreement . This is also a good signal for Vietnam to increase shrimp exports to this market.