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| Vietnamese seafood is holding the No. 1 position in the Australian market. (Photo: congthuong.vn) |
Notably, from 2018 to 2022, in the top 6 markets, only Australia continuously increased its seafood import turnover from Vietnam. From USD197 million in 2018, seafood exports increased by 85% to USD365 million in 2022. The share of the Australian market therefore also increased from 2.2% to 3.3% of Vietnam's total seafood exports.
The open market and tariff incentives from the CPTPP have brought opportunities to increase seafood exports to Australia in recent years.
The seafood that saw breakthrough, accounting for the largest proportion of products exported to Australia after 4 years, is vannamei shrimp. In 2022, the export of this product to Australia reached USD259.5 million, up 171% compared to USD112 million in 2018, before the CPTPP Agreement took effect. Shrimp revenue accounted for 71% of seafood export value in 2022, compared with 49% in 2018.
In contrast, pangasius exports to the Australian market decreased from 24% to 10%. Compared to 2018, Vietnam's pangasius exports to Australia decreased by 18%, from USD47 million to USD38 million.
Among the top 3 seafood products exported to Australia, barramundi accounted for 6% of export sales with a value of nearly USD21 million in 2022. Vietnam's barramundi exports are mainly farmed products of Australis company in Vietnam. Barramundi is a popular species not only in Australia but also in the US.
In addition, Australia has also imported a significant amount of other seafood products from Vietnam, and sales have increased sharply in recent years. For example, herring imports increased by 158% after 5 years, tuna increased by 81%, opaque fish increased by 143%, bartail flathead increased by 255%, clams increased by 68%, and fish sauce increased by 190%.
Over the past years, the Vietnam - Australia Strategic Partnership has seen many strong developments, in which economic and trade cooperation is a bright spot, with two-way trade turnover in 2022 reaching nearly USD15.7 billion, up nearly 27% compared to 2021, making Australia the 7th largest trading partner of Vietnam and Vietnam the 10th largest trading partner of Australia.
Particularly in the seafood sector, Vietnam is holding the No. 1 position in the Australian market, accounting for 23% of Austria's seafood imports in 2022. This proportion is much higher than the 13% of 5 years ago, seeing a strong breakthrough of Vietnamese seafood products to Australia thanks to the good trade cooperation relationship and FTA agreements with this market. In particular, after the CPTPP, seafood products imported from Vietnam into Australia are entitled to 0% tax./.