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over the same period in 2021.
Vietnam's shrimp exports to South Korea have grown well since the beginning of the year and continued to grow positively from January to September this year, with exports falling slightly by 1%
in October amid difficulties such as high global inflation, reduced orders, and lack of production capital.
in October amid difficulties such as high global inflation, reduced orders, and lack of production capital.
Against the backdrop of high freight rates, record inflation, and declining demand in the US and EU markets, South Korea is the preferred export market
for Vietnamese shrimp exporters after Japan.
for Vietnamese shrimp exporters after Japan.
Vietnamese shrimp exports to South Korea enjoy preferential treatment under the Vietnam-Korea Free Trade Agreement (VKFTA) with an annual duty-free quota of 15,000 tons
.
.
According to the World Trade Center (ITC), South Korea's shrimp imports exceeded $819 million in the first 10 months of 2022, up 19%
from the same period in 2021.
In the Korean market, Vietnamese shrimp has the highest market share, with China, Thailand and Ecuador accounting for 7.
9%, 7.
7% and 6.
4%
respectively.
from the same period in 2021.
In the Korean market, Vietnamese shrimp has the highest market share, with China, Thailand and Ecuador accounting for 7.
9%, 7.
7% and 6.
4%
respectively.
As of October this year, Vietnamese and Chinese exports of shrimp products to South Korea increased by 25% and 19% respectively, while exports to the South Korean market, Thailand, and Ecuador, the two main competitors of Vietnamese shrimp, decreased by 22% and 16%
respectively compared to the same period in 2021.
respectively compared to the same period in 2021.
