According to Vietnam Customs,Vietnam’s seafood exports to Canada reached $22.7 million in April 2024, up 45.6% from March 2023. In the first four months of 2024, Vietnam’s seafood exports to the Canadian market totaled $73.1 million, up 47.1% y-o-y
Positive growth
According to the Import-Export Department (Ministry of Industry and Trade), in April 2024, Vietnam’s seafood exports to Canada continued to rise for the eighth consecutive month, following a 47.7% increase in the first quarter of 2024.
Seafood exports to Canada have shown positive growth due to significant increases in major products: frozen shrimp exports increased by 59.8% in volume and 40.8% in value compared to the same period in 2023; frozen pangasius exports increased by 65.5% in volume and 41.9% in value; and frozen tuna exports surged by 249.5% in volume and 208.2% in value.
According to the Canadian Aquaculture Industry Alliance (CAIA), over 70% of the seafood consumed by Canadians is imported. In the first quarter of 2024, Canada mainly imported seafood from the US (23.5%), China (13.4%), and Chile (9.6%). Data from the Canadian Customs Agency showed that in the first quarter of 2024, Canada’s seafood imports reached $671.9 million, down 3.9% from the same period in 2023.
Significant prospects
Vietnam is the fourth largest seafood supplier to Canada, accounting for 8.08% of Canada’s total imports, up from 6.8% in the same period in 2023. This indicates that Vietnamese seafood is increasingly popular in the Canadian market.
Vietnam Association of Seafood Exporters and Producers (VASEP) notes that to boost seafood exports to Canada, Vietnamese seafood companies must meet Canada’s stringent standards. All seafood products from Canada’s fishing industry must be thoroughly inspected and comply with product and process standards for domestic and international consumption. These standards also apply to imported seafood products, ensuring their safety.
Experts believe there is significant potential in the Canadian market due to the high demand for Vietnamese products such as pangasius fillets, frozen pangasius chunks, and portions. In 2023, Canada imported nearly 8,000 tons of frozen pangasius fillets from various global markets, valued at over $23 million.
Seafood exports to Canada have positive prospects for steady growth. However, Vietnam Association of Seafood Exporters and Producers (VASEP) notes that Canada is a strict market with rigorous inspections and testing of imported goods. Therefore, businesses need to understand and comply with all regulations to successfully access this market.
VFM
