Agriculture & Food

According to the customs data, as of November 15, 2022, Vietnam's shrimp exports to South Korea amounted to 422 million US dollars. According to the customs data, they increased by 33% compared with the same period in 2021.

The export of Vietnamese shrimp to South Korea has grown well since the beginning of the year. According to the customs data, the export of Vietnamese shrimp to South Korea has continued to grow in January September this year. In the face of many difficulties, such as high global inflation, reduced orders, and lack of production funds, the export volume fell slightly by 1% in October.

Against the background of high freight rates, record inflation and declining demand in the US and EU markets, South Korea is the preferred export market for Vietnamese shrimp exporters after Japan.

Vietnamese shrimp exports to South Korea enjoy preferential treatment under the Vietnam South Korea Free Trade Agreement (VKFTA), with an annual duty-free quota of 15000 tons.

According to customs data, South Korea's shrimp imports in the first 10 months of 2022 exceeded 819 million US dollars, an increase of 19% over the same period of 2021. In the Korean market, Vietnam shrimp has the highest market share, with China, Thailand, Ecuador and other suppliers accounting for 7.9%, 7.7% and 6.4% respectively.

According to customs data, as of October this year, the exports of shrimp products from Vietnam and China to South Korea have increased by 25% and 19% respectively, while the exports of Vietnam's two main competitors, Thailand and Ecuador, to the South Korean market have decreased by 22% and 16% respectively compared with the same period in 2021.