Korea spent nearly $89 million buying Vietnamese shrimps in the first four months of 2020
Despite being the biggest shrimp supplier of Korea when accounting for more than 50% of the country’s imports, sales in this market were recorded to fall over 11% in the first four months, same as other suppliers.
Korea has imported a worth of $170.9 million of Vietnamese shrimps for the first four months of 2020, down 14% from last year, according to the Vietnam Associations of Producers and Exporters.
Most shrimp suppliers recorded a decrease in sales to Korea, with the Philippines and Russia suffering a slump of 75%. On the contrary, imports from Australia, Columbia and Peru spiked.
The five biggest shrimp suppliers to Korea experienced a decrease in volume compared to the same period last year. Vietnam was given the rank of the first supplier with volume reaching nearly $89 million in the first four months of 2020 but down 11% from last year. The second is Thailand and Ecuador with volume reaching $18 million and 17.8 million respectively, but down 5% and 31% respectively. Shrimp imports from Malaysia reached $12.6 million (down 16%) and $9.3 million (down 11%).
A decrease in imports was recorded in most kinds of deliverables in the first four months of 2020 as compared to the same period last year.
Shrimp products, except from frozen ones, accounted for 71% of Korea’s imported shrimp volume, reaching $121,6 million, down 14% from last year.
Imports of frozen coldwater shrimps were in a slump with volume reaching $898 thousand, down 48%. Meanwhile, imports in canned processed shrimps were doubled to half of million dollars.