In January, shrimp exports to the Canadian market endured a downturn, although exports in the following months experienced positive double-digit growth.
Canada now represents the sixth largest importer of Vietnamese shrimp, accounting for 5.7% of the country’s total shrimp exports to foreign markets.
Throughout the four-month period, shrimp exports to this market soared by 31.2% to US$49.4 million against last year’s corresponding period, with exports in April alone increasing by approximately 51% to over US$13 million.
Indeed, this follows a trend in recent years of shrimp exports to Canada recording consistent growth between 2016 and 2018, with a slight decrease last year, marking a temporary shift as export figures began to grow in the first months of the year.
According to data released by the International Trade Center, the North American country’s shrimp imports during the three-month period suffered a slight drop compared to the same period from last year with India, Vietnam, Thailand, China, and Ecuador all being among their largest shrimp suppliers.
Moreover, Vietnamese shrimp exported to Canada is enjoying a high price among shrimp suppliers.
Recent years have seen the proportion of Indian and Vietnamese shrimp increase while the proportion of Thai and Chinese shrimp has experienced a downward trajectory.
Most notably, Canada significantly reduced shrimp imports from Thailand and China during the reviewed period.
At present, the Canadian government is destined to boost market diversification and reduce their reliance on imports from the United States, with Vietnam representing one of the countries that Canadian businesses are keen to stimulate import and export activities with.
Consequently, Canada can be considered as an affordable market for high-value products and ultimately serves as an important bridge for Vietnamese firms to achieve greater market penetration into other North American countries.