Vietnam is still the largest shrimp supplier to Japan, accounting for a market share of 23.7%, while Thailand ranks second with a market share of 17.7%, the Vietnam Association of Seafood Exporters and Producers (VASEP) has reported.
According to VASEP, as of July 15, Vietnam’s shrimp exports to Japan reached USD256 million, down 29% over the same period in 2022.
The Japanese market bought VND236 million of shrimp from Vietnam in the first 6 months of this year, down 29% over the same period. Vietnam’s shrimp exports to Japan in the first months of this year still faced difficulties due to the sharp depreciation of the Japanese yen.
Japan is also focused markets by many businesses to boost exports this year thanks to stable demand and better profit margins. In the context of a decrease in domestic raw material shrimp due to shrimp diseases, processed Vietnamese shrimp products for export to Japan retain an advantage over other markets.
Some of the largest shrimp exporters to Japan include Sao Ta Food Joint Stock Company, Hai Viet Joint Stock Company, Minh Phu Seafood Group Joint Stock Company, and Minh Phu Hau Giang Seafood Joint Stock Company.
In the Japanese market, Vietnamese shrimp also have to compete with Indian and Ecuadorian shrimp. According to statistics from the World Trade Center (ITC), in the first 5 months of this year, while total shrimp imports to Japan decreased by 11%, imports from the largest supplier of Vietnam also recorded a decrease, Japan still saw a sharp increase in imports from India and Ecuador, by 43% and 20% respectively. Statistics from the Indian Ministry of Commerce showed that, in the first 5 months of this year, Japan sharply increased imports of shrimp from India./.