Vietnamese shrimp is leading in exports to Canada

Exports of Vietnamese shrimp to Canada in the first eight months of 2020 increased by nearly 27% compared to the same period last year. It is leading in this market.

Processing shrimp for export at Sao Ta Company - a member of PAN Group

According to the Vietnam Association of Seafood Exporters and Procducers (VASEP), Canada is the 7th largest shrimp importer of Vietnam, accounting for 4.8% of the total shrimp export value of Vietnam.

In the first eight months of this year, exports of Vietnamese shrimp to Canada reached $110.6 million in value, increasing nearly 27% over the same period last year. Since February, exports of Vietnamese shrimp to Canada saw double-digit growth.

According to statistics from the International Trade Centre (ITC), Canada is the world’s 13th largest shrimp importer, accounting for 2% of total value.

Vietnam is the largest source of shrimp for Canada, accounting for 34% of total value of shrimp to this market. Since 2014, Vietnam has retained its dominant position in supplying shrimp for Canada.

The Government of Canada is demanding to diversify the market, reducing dependence on imports from the US, and Vietnam is one of the countries that Canadian businesses are interested in to promote import and export activities. Canada is a market that has the ability of affordability for high-value products and is an important bridge for Vietnamese businesses to expand their markets to other countries.

In terms of geography, Canada is not only close to the US and their people have high income but also enjoy preferential tariffs from the CPTPP, so there are many opportunities for Vietnamese shrimp exports to this market.