Businesses advised to increase processed shrimp exports to Australia
VOV.VN - Local businesses are required to focus on developing their brands as a way of meeting the rising demand for processed shrimp products in the Australian market, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
In fact, trade facilitation and tariff incentives from the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has given fresh impetus to shrimp exports to Australia.
The VASEP’s statistics indicate that Vietnamese shrimp exports to Australia until mid-November reached more than US$198 million, enduring a slight fall of 16% on-year compared to declines occurring in major markets such as the EU, the United States, Japan, and the Republic of Korea.
Over the past five years, Vietnamese shrimp exports to the Australian market have grown continuously from US$127 million in 2019 to US$272 million in 2022.
Processed shrimp accounts for 40% of the total shrimp export value to this market, with major products being shrimp dumplings, ginger shrimp dumplings, frozen white shrimp with fried breaded meat, and frozen white shrimp skewers.
Ta Thi Kim Thu, an expert of the VASEP, said Australian consumers have increasingly favoured Vietnamese shrimp products.
Thu noted that local shrimp enjoys comparative advantages compared to other rivals in the demanding market due to its product quality, capability of supply source, and the level of processing of value-added goods.
Most notably, Australia tends to reduce imports from Thailand and China, the major competitors of Vietnamese shrimp recently, which has created additional advantages for Vietnamese shrimp in this market.
Thu expressed her belief that Vietnam continues to witness huge opportunities for increasing exports to this market over the long term as Australia only imports shrimp from more than 10 countries around the world.
The demand for processed shrimp products in the Australian market are relatively high, Thu said, while suggesting local businesses should focus on building brands and creating products with clear origins and high added value as as a means of making further inroads into the lucrative market.
