Top 10 import markets for Vietnamese shrimp

In 2013, Vietnam's shrimp exports reached a new record, potentially touching $3 billion. Notably, the United States surpassed Japan to become the leading importer of Vietnamese shrimp, accounting for 26.7% of the total export value.

1. USA

From January 1st to December 15th, 2013, Vietnam's shrimp exports to the US reached US$784.452 million, a 79.2% increase compared to the same period in 2012, accounting for 26.7% of Vietnam's total shrimp export value. For the first time in five years, the US surpassed Japan to become the leading importer of Vietnamese shrimp. Shrimp prices have risen sharply and continuously since the US announced that Vietnamese shrimp was not being dumped and removed countervailing duties. These two decisions simultaneously demonstrate the US's recognition that Vietnam's shrimp industry operates under a market mechanism.

2. Japan

In 2012, due to the impact of regulations on Ethoxyquin residue testing, Vietnamese shrimp exports to Japan decreased for several consecutive months, resulting in a total export value to this market of only US$617.7 million for the whole year, an increase of 1.7% compared to 2011. Since the beginning of 2013, this situation has improved significantly. By mid-December 2013, the value of Vietnamese shrimp exports to Japan reached US$647.56 million, an increase of 13.9% compared to the same period in 2012, accounting for 23% of the total shrimp export value. Besides the Ethoxyquin issue, the sharp decrease in shrimp supply from Thailand and the high price of shrimp on the world market have been supporting Vietnamese shrimp exports to this market.

3. EU

The EU economy is believed to have emerged from a severe recession, with improved consumer demand and rising shrimp prices in the EU market. This has led to a strong recovery in Vietnamese shrimp exports to the EU, with a growth rate of 29.9% compared to the same period in 2012, reaching US$386.824 million, accounting for 13.2% of the total value of shrimp exports. Exports to the three leading markets for Vietnamese shrimp in the region – Germany, the UK, and France – all saw high growth last year. Specifically, exports to Germany increased by 17.0%, to the UK by 58.6%, and to France by 66.0%. Frozen raw shrimp continues to dominate the structure of shrimp imports into the EU.

Chart showing shrimp exports to various countries.

4. China and Hong Kong

This is the market with the strongest import growth rate from Vietnam. On average, Vietnamese shrimp exports to China reach nearly US$28 million per month, accounting for 68% of the total value of seafood exports. In 2013, the value of Vietnamese shrimp exports to China and Hong Kong reached nearly US$400 million, an increase of over 50% compared to the same period in 2012, accounting for 12.3% of the total shrimp export value. This is not a positive sign given the shortage of raw materials for markets with high demand and import prices such as the US, Japan, and the EU. Shrimp exported to China is raw shrimp, accounting for 96.3%, showing that the shrimp industry is dependent on this volatile market.

5. South Korea

South Korea has consistently maintained positive growth over the years and is one of the top five largest markets for Vietnamese shrimp imports, accounting for 6.9% of the total value of shrimp exports. As of December 15, 2013, the value of Vietnamese shrimp exports to South Korea reached US$201.812 million, an increase of 22.9% compared to the same period in 2012. Vietnam has surpassed China to become the leading supplier of shrimp to South Korea. However, South Korea mainly imports frozen raw shrimp, accounting for 77% of the total shrimp imports into this market.

6. Australia

In 2012, Vietnam's shrimp exports to Australia reached over US$101 million, a 25.7% increase compared to 2011, accounting for 55% of Vietnam's total seafood exports to Australia. As of December 15, 2013, shrimp exports to Australia increased by 23.7% compared to the same period in 2012, reaching US$122.129 million, representing 4.2% of total shrimp export value. Vietnam is the second largest supplier of processed shrimp after China and ranks fourth in supplying frozen raw shrimp to this market. However, to increase exports to Australia, the Vietnamese seafood industry needs to ensure food safety and hygiene; strengthen trade promotion; and promote and introduce its products.

7. Canada

For over a decade, Canada has consistently been among the top 10 shrimp import markets for Vietnam. With export value reaching US$114.068 million, a 69.8% increase compared to the same period in 2012, Vietnamese shrimp exports to Canada, while not experiencing strong and continuous growth, are still considered a potential market. However, Vietnamese shrimp exports to Canada also face many challenges, particularly strong competition from India. For many years, Indian shrimp imports into Canada have consistently grown at double-digit rates, contributing to a reduction in Vietnam's market share.

8. Taiwan

By December 15, 2013, the value of shrimp exports to Taiwan reached over US$92 million, an increase of approximately 27% compared to the same period in 2012. This mainly consisted of frozen tiger shrimp. However, Taiwan is a challenging market to penetrate due to its policy of maintaining domestic market practices and trading with traditional partners. Furthermore, Taiwan applies strict standards and regulations regarding food safety and hygiene, quarantine, etc. Therefore, Vietnamese businesses must be proactive in managing and improving product quality and enhancing competitiveness in this market.

9. Switzerland

Vietnam's shrimp exports to Switzerland reached US$48.405 million, a 31% increase compared to the same period in 2012. While this figure isn't particularly impressive, it opens up new opportunities to conquer one of Europe's most promising markets. The Swiss market demands world-class quality; therefore, Vietnamese shrimp businesses need to understand the product quality standards and their ability to compete with similar products there.

10. ASEAN

In 2013, Vietnam's shrimp exports to ASEAN reached US$48.27 billion, a 38.3% increase compared to the same period in 2012. ASEAN is a market bloc with relatively high and stable growth in imports of Vietnamese shrimp. Shrimp diseases have led many Southeast Asian countries to increase shrimp imports to supply their domestic markets and for export processing. Key markets include Singapore, with US$31.753 billion (a 29.9% increase), and the Philippines, with US$6.948 billion (a 32.6% increase).

According toVietnamese Fisheries