Vietnam's shrimp exports to Canada surge 32%
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|Vietnam's shrimp exports to Canada soared by 31.2% (Photo: VOV)|
In January, Vietnam's shrimp exports to Canada experienced a downturn. However, exports in the following months enjoyed positive double-digit growth, according to VOV.
Canada now becomes the sixth-largest importer of Vietnamese shrimp, accounting for 5.7% of Vietnam's total shrimp exports to foreign markets.
During the four-month period, Vietnam's shrimp exports to Canada soared by 31.2% to US$49.4 million against last year's corresponding period, with April's exports alone increased by approximately 51% to over US$13 million.
This follows a recent trend of shrimp exports to Canada when it has recorded consistent growth between 2016 and 2018, with a slight decrease last year, marking a temporary shift as exports grew in the first months of the year.
|Canada now becomes the sixth largest importer of Vietnamese shrimp (Photo: Vietnam Biz)|
Canada consumes a lot of warm water shrimp of Southeast Asian countries while the supply of coldwater shrimp declines. A recent survey has shown that shrimp accounts for 50% of all seafood products imported into Canada and the trend of purchasing shrimp for home processing of Canadian households is rising.
According to World Trade Center, in the first 3 months of this year, Canadian shrimp imports decreased slightly over the same period last year. India, Vietnam, Thailand, China and Ecuador, respectively, are the largest shrimp suppliers to Canada.
Regarding the average export price, the average price of Vietnamese shrimp is the highest among competitors in the Canadian market.
|The average price of Vietnamese shrimp is the highest among competitors in the Canadian market (Photo: Industry and Trade News)|
Meanwhile, 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 3 months of this year, Canada also sharply reduced shrimp imports from Thailand and China, Vietnam Biz reported.
In the first months of this year, Canada was also one of the countries affected by Covid-19 epidemic with more than 97,000 cases and nearly 8,000 deaths. Buying home-cooked shrimp has become more common in Canada, informed Vinanet.
At present, the Canadian government is striving to boost market diversification and reduce their reliance on imports from the United States, with Vietnam as one of the countries that Canadian businesses aim at stimulating import and export activities.
Therefore, Canada can be regarded as an affordable market for high-value products and ultimately becomes an important bridge for Vietnamese businesses to acquire greater market penetration into other North American countries.
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