Shrimp exports to Australia doubled in five years after joining CPTPP

Thursday, 18/01/2024 16:00
In five years since joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Vietnamese shrimp exports to Australia increased sharply, accounting for a market share of 70%, doubling the nearly 32% before signing the agreement.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), after five years of participating in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), seafood is one of the industries with many positive changes thanks to taking advantage of preferential tariffs in trade with member countries. CPTPP took effect from January 14, 2019.

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Vietnamese shrimp exports to Australia increased sharply

The market share of Vietnamese seafood in the markets of CPTPP member countries tends to increase. For example, in the Canadian market, the market share increased from 7-8% to 10%, of which shrimp increased from 18% to 25% and ranked first, while tuna increased from 6% to 11% and ranked 3rd at this market. The VASEP said that the fastest growing market is Australia with a market share of 70%, double the nearly 32% before signing CPTPP.

On the contrary, according to VASEP, the fisheries industry still has competition in the domestic market coming from products of member countries such as Japan, Chile and Australia.

VASEP said that current logistics restrictions on the seafood industry reduce its competitiveness. Seafood exports exposed weakness when they depend largely on foreign logistics systems.

This has been clearly shown since 2020 when many changes happened in the world such as the COVID-19 epidemic, conflicts in Europe, and recently the Middle East (Red Sea tensions).

“The current Red Sea tension story once again reveals the problems of Vietnam’s logistics industry when foreign shipping lines dominate, monopolize pricing and increase prices of freight and other transportation services,” according to VASEP./.

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