After 4 years of implementing the CPTPP, seafood exports from Vietnam to Australia ranked 6th

Published 2023년 4월 11일

Tridge summary

The article highlights the significant growth in Vietnam's seafood exports to Australia, which has risen from the 9th largest market in 2018 to the 6th largest in 2022 under the CPTPP Agreement. The export value to Australia increased by 85% from 197 million USD in 2018 to 365 million USD in 2022, with whiteleg shrimp being the primary export, contributing 71% to the total value in 2022. Other top seafood exports include herring, tuna, opaque fish, bottlefish, and clams, with seabass accounting for 6% of export sales in 2022. However, the first quarter of 2023 saw a decrease in seafood exports to Australia due to food inflation. Despite this setback, the seafood trade is expected to recover in the latter half of 2023.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Australia used to be Vietnam's 9th largest seafood import market in 2018. In 2019, the CPTPP Agreement came into effect. By 2022, after 4 years of implementing the CPTPP, Australia has become the sixth largest single market for Vietnamese seafood. From 2018 to 2022, in the top 6 markets, only Australia has continuously increased seafood import turnover from Vietnam. From 197 million USD in 2018, seafood exports have increased by 85% to 365 million USD in 2022. The share of the Australian market therefore also increased from 2.2% to 3.3% of Vietnam's total seafood exports. . According to analysis by Ms. Le Hang, Communications Director of VASEP, the open market along with tariff incentives from the CPTPP free trade agreement brings opportunities to increase seafood exports to Australia in recent years. . A sudden increase and accounting for the largest proportion of products exported to Australia ...

Source: Vinanet