In the first half of January 2023, shrimp exports to Japan reached nearly US$20 million, up 2% over the same period in 2022. After growing 16% in 2022, shrimp exports to Japan in 2023 are expected to remain stable.
Source: VASEP
Japan is considered a fairly stable shrimp import market of Vietnam in 2022. In 2022, shrimp exports to this market reached USD671 million, up 16% compared to 2021.
The Japanese market requires delicate and meticulous processing techniques in line with the processing capacity of Vietnamese enterprises. In the context of the decrease in domestic raw material shrimp due to shrimp diseases, Vietnamese shrimp products processed for export to Japan retain an advantage over other markets.
Among the three main groups of shrimp products exported to Japan, the export value of processed black tiger shrimp increased the most by 25%. The strong growth in the export of this product to Japan helps to pull the growth momentum of shrimp products in general to Japan. The Japanese people's demand for black tiger shrimp from Vietnam has been increasing for the past 1 year.
Vietnam mainly exports to Japan the main export products such as frozen powder-coated shrimp, frozen steamed black tiger shrimp, breaded shrimp, frozen PDTO Nobashi vannamei, frozen steamed black tiger shrimp, frozen boiled white shrimp with tail, frozen steamed shrimp with head and tail removed, frozen steamed vannamei...
The enterprises that export the most shrimp to Japan such as Minh Phu Seafood Corporation, Sao Ta Food Joint Stock Company, Minh Phu Hau Giang Seafood Joint Stock Company, Danang Seaproducts Import-Export Corporation, Hai Viet Corporation,...
The average export price of frozen whiteleg shrimp from Vietnam to Japan in 2022 ranges from US$5.1-10.6/kg. The average price of frozen black tiger shrimp exported to Japan ranges from 10.8-15.8 USD/kg.
According to the World Trade Center (ITC), in the first 11 months of 2022, Japan's shrimp imports reached $2.2 billion, up 7% over the same period in 2021. The top 3 largest suppliers include Vietnam, India, and Indonesia.
Among the top shrimp suppliers for Japan, India is increasingly less competitive in the Japanese market.
Recently, the Japanese Government has raised its GDP growth forecast for 2023 thanks to the forecast that personal consumption and business investment will continue to grow strongly. The government's 29.1 trillion yen stimulus package is aimed at helping businesses cope with difficulties caused by inflation. Japan's personal consumption outlook in 2023 is expected to increase by 2.2% thanks to the recovery of the tourism-service sector and policies to increase wages for employees of domestic enterprises in the spring salary increase. With positive information about the Japanese economy, it is expected that Vietnam's shrimp exports to this market will remain stable in 2023.
(VASEP)
Read more: Seafood Industry Report