The projection has been made by the Vietnam Association of Seafood Exporters and Producers (VASEP).
Despite experiencing a decline throughout August due to the impact of COVID-19 social distancing measures, local shrimp exports to the RoK market in September and the first half of October grew by 3.6% and 26%, respectively.
Furthermore, the country’s shrimp exports to the RoK by mid-October also increased by 0.9% to reach approximately US$278 million compared to the same period from last year.
The association also pointed out that the recovery of shrimp exports to the RoK market can largely be attributed to local businesses' plans to boost exports to various Asian markets as a way of taking full advantage of the geographical distance and lower logistics costs compared to European and American markets.
Moving forward, shrimp demand to the RoK is projected to see between now and the end of the year thanks to their scheme to live safely with the pandemic, the expansion of personal consumption, and a reduction of oil taxes.
During the opening nine months of the year, the RoK increased imports of processed white-legged shrimp and frozen black tiger shrimp with a rise of between 5% and 12%, respectively.
Vietnamese shrimp export items to the RoK include headless shell white-legged shrimp, frozen Nobashi vannamei, frozen butterfly sushi white-legged shrimp, and PD vannamei shrimp.
The average export price of local black tiger shrimp to the market during the reviewed period range between US$11.7 and US$14.6 per kilo, while the export price of white-legged shrimp fluctuated between US$7.9 and US$1.83 per kilo.