Korea increases in importing processed black tiger shrimp from Vietnam

Korea is the fifth biggest importer of Vietnamese shrimps, accounting for 10.7% of Vietnam’s total seafood going to global markets. Despite a slight increase, sales of Vietnamese shrimps to Korea recorded a positive growth in two quarters of the year. Vietnam brought in $91.2 million from exporting shrimps to Korean in Quarter II, up 4.9%.

The accumulated export volume reached $162.7 million in the first six months of 2020, up 4.9% compared to the same period last year. In the first half of 2020, Vietnam’s shrimp exports to Korea increased by 15% compared to the same period last year. As of July 15, 2020, Vietnam’s shrimp exports to Korea reached over $179 million, up 5.8% compared to the same period last year.

Exports of black tiger shrimp to Korea accounts for 4.9% of the country’s shrimp exports to this market while white leg shrimp accounts for 83% and maritime shrimps make 12.1%.

Exports of both white leg shrimp and black tiger shrimp to Korea increased by 24.8% and 1.9% respectively. A noticeable sales of processed black tiger shrimp was recorded in Korea with 62% increase. Among shrimp products exported to Korea, dried shrimps skyrocketed with 195%.

The vast majority of Vietnamese shrimps going to Korea includes PDTO shrimp, frozen white leg shrimp sushi, frozen steamed white leg shrimp, PD white leg shrimp meat, and butterfly-cut shrimp.

Vietnamese shrimp going to Korea is exempt from tax with a quota of 10,000 tons/year, and it will be 15,000 tons/year in 2020; however Vietnam only exported 2,500 tons/year. Vietnam is the biggest supply of shrimp to Korea, accounting for 52% of the market share while its competitors Thailand, Ecuador, and China account for 11%, 10% and 5.3% respectively.