VASEP: Shrimp exports to Canada increase despite the Covid-19 pandemic
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in the first four months of this year, Vietnam's shrimp exports to Canada reached USD 49.4 million, up 31.2% over the same period last year. Particularly in April, shrimp exports to this market increased by nearly 51% to over USD 13 million.
As of the first half of May, shrimp exports to Canada market reached USD 54.7 million, up by nearly 32% YoY. Vietnam's shrimp exports to Canada only decreased in January, the remaining months saw double-digit growth. Exports had recorded growth in the Canadian market from 2016 to 2018, slightly decreased in 2019 and continued to record positive growth in the first months of this year. Canada is considered as a potential market of Vietnamese shrimp.
Canada consumes quite a lot of warm water shrimps of Southeast Asian countries in the context of the declining supply of coldwater shrimps. According to a recent survey, shrimp accounts for 50% of total seafood products imported into Canada. The trend of buying shrimp for processing at home by Canadian households is increasing, especially in the first months of this year, when Canada is one of the countries affected by Covid-19 pandemic with more than 97,000 cases and nearly 8,000 deaths.
According to data from the World Trade Center, in the first three months of this year, Canadian shrimp imports decreased slightly over the same period last year. India, Vietnam, Thailand, China and Ecuador are respectively the largest shrimp suppliers to Canada. In terms of average export prices, Vietnamese shrimp has the highest price among rival suppliers in the Canadian market.
Regarding the proportion of shrimp exported to Canada, in recent years, the proportion of Indian and Vietnamese shrimp has increased while the proportion of Thai and Chinese shrimp has been declining. In the first three months of this year, Canada also sharply reduced shrimp imports from Thailand and China.
The Government of Canada is in need of diversifying markets, reducing dependence on imports from the U.S., and Vietnam is one of the countries where Canadian businesses are interested in promoting import and export activities. Canada is a market with ability to pay for high-value products and an important bridge for Vietnamese businesses to expand their markets to other countries in the Americas.
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