Tridge summary
The Comprehensive and Progressive Agreement for Trans-Pacific P\artnership (CPTPP) has significantly boosted Vietnamese seafood exports to Australia, making it the fifth largest market. Exports, which include shrimp, tra fish, and other marine fish, have grown from $197 million in 2018 to $365 million at their peak in 2022. However, a global downturn reduced exports to $312 million in 2023. To continue succeeding in the Australian market, Vietnamese exporters must meet its stringent technical standards and food safety requirements. The Vietnamese government and businesses are encouraged to focus on product quality, digital transformation, and sustainable development strategies. The Vietnamese Trade Office in Australia will continue supporting businesses by providing market insights, guidelines, and fraud prevention advice.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Tariff preferences under the Comprehensive and Progressive Agreement for Trans-Pacific P\artnership (CPTPP) have given a significant boost to Vietnamese seafood exports to Australia. Steady increase in market share The CPTPP took effect for Vietnam in early 2019. In 2018, Australia was the ninth largest export market for Vietnamese seafood. However, after five years of CPTPP implementation, Australia has become the fifth largest single market for Vietnamese seafood, after the US, Japan, China, and the Republic of Korea (RoK). According to Nguyen Thi Thu Sac, President of the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnamese seafood exports to Australia have grown continuously from US$197 million in 2018 to a peak of US$365 million in 2022. However, they decreased to US$312 million in 2023 amid a global downturn. In the first half of 2024, among CPTPP nations, Australia was the second largest import market of Vietnamese seafood, accounting for 3.6 percent ...
Source: WTOCenter
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