Vietnam: Shrimp exports to Australia still have a lot of room

Frozen Common Shrimp & Prawn

Seafood

Australia

Vietnam

Market & Price Trends

Published Mar 27, 2024

Tridge summary

In 2023, Vietnamese shrimp exports to Australia saw a 14% decline, dropping to 233 million USD amid a broader downturn in shrimp exports due to high inflation impacting purchasing power. Despite this setback, the period from 2019 to 2022 marked a significant growth in exports, with Vietnam's market share in Australia increasing notably. The majority of these exports were white-legged shrimp, emphasizing the importance of advanced technology and deep processing to stay competitive. Additionally, the upgrade of Vietnam-Australia relations to a Comprehensive Strategic Partnership during the Special Summit commemorating 50 years of ASEAN-Australia relations, coupled with Australia's plan to invest 1.3 billion USD in Southeast Asia, is expected to positively influence shrimp exports to Australia in 2024. This development aligns Vietnam's relations with Australia with its strategic partnerships with other major countries and is seen as a move to enhance market access and facilitate trade, particularly in agriculture and fisheries.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

In 2023, shrimp exports to Australia were in the general decline trend of shrimp exports to other markets. High inflation also negatively affects Australia, causing purchasing power to decline. In 2023, Vietnamese shrimp exports to Australia reached 233 million USD, down 14% compared to the previous year. The 14% decrease in shrimp exports to Australia is still lower than other main markets such as Japan, the EU, Korea, Canada, etc. In 5 years (2019–2022), Vietnamese shrimp exports to Australia grew continuously from 127 million USD in 2019 to 272 million USD in 2022, with the proportion of Vietnam's total shrimp exports increasing from 3.7% in 2019 to 6.3% in 2022. Promoting strengths in deep processing White-legged shrimp account for the largest proportion of Vietnam's shrimp products exported to Australia, accounting for 95%; black tiger prawns account for a small proportion of 0.2%; and the rest are other types of shrimp, accounting for 4.8%. Of the total shrimp products ...

Source: Vasep