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year-on-year, according to the report data from the General Administration of Customs of Vietnam.
Vietnamese shrimp have an absolute advantage
in the Korean market.
Since the beginning of the year, Vietnam's shrimp exports to the South Korean market have been showing a good growth trend, and exports have achieved positive year-on-year growth for nine consecutive months (January to September
).
But exports edged down 1 percent
in October, amid challenges from global inflation, reduced orders and lack of production capital.
).
But exports edged down 1 percent
in October, amid challenges from global inflation, reduced orders and lack of production capital.
With the advantage of geographical location, Vietnam's shrimp export activity to South Korea continued to heat up
in 2022.
Like the Japanese market, South Korea is the preferred export market
for Vietnamese companies against the backdrop of high freight rates, record inflation and falling demand in the US and EU markets.
in 2022.
Like the Japanese market, South Korea is the preferred export market
for Vietnamese companies against the backdrop of high freight rates, record inflation and falling demand in the US and EU markets.
As of November 15, 2022, Vietnam's shrimp exports to South Korea reached nearly US$422 million, up 33%
year-on-year, according to the report data from the General Administration of Customs of Vietnam.
Vietnamese shrimp have an absolute advantage
in the Korean market.
year-on-year, according to the report data from the General Administration of Customs of Vietnam.
Vietnamese shrimp have an absolute advantage
in the Korean market.
In addition, after the entry into force of the Vietnam-Korea Free Trade Agreement (VKFTA), Vietnam will export 15,000 tons of shrimp
to South Korea annually with zero tariffs.
to South Korea annually with zero tariffs.
South Korea's shrimp imports exceeded $819 million in the first 10 months of 2022, up 19%
year-on-year, according to the World Trade Center (ITC).
In the Korean market, Vietnam has the highest market share (45%), while competitors such as China, Thailand and Ecuador account for 7.
9%, 7.
7% and 6.
4%
of South Korea's total shrimp imports, respectively.
year-on-year, according to the World Trade Center (ITC).
In the Korean market, Vietnam has the highest market share (45%), while competitors such as China, Thailand and Ecuador account for 7.
9%, 7.
7% and 6.
4%
of South Korea's total shrimp imports, respectively.
As of October this year, Vietnam and China's shrimp exports to South Korea increased by 25% and 19% year-on-year, respectively, while the two main competitors of Vietnamese shrimp, Thailand and Ecuador, decreased shrimp exports to South Korea by 22% and 16%
respectively.
(End)
respectively.
(End)
