According to the Vietnam Association of Seafood Exporters and Producers, as of October this year, Vietnam's shrimp exports to the Middle East market reached more than 39 million USD, down 10% compared to the same period last year (a smaller decrease than other major markets). The Middle East market accounts for 1.3% of Vietnam's total shrimp exports to markets.
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| The Middle East market accounts for only 1.3% of Vietnam's shrimp export turnover. |
In the context of facing many challenges from major consumer markets, looking to smaller but potential markets is also an option for current businesses.
During the period from 2019 - 2022, Vietnam's shrimp exports to the Middle East market ranged from 41.5 - 49.8 million USD.
Shrimp exports to this market bloc tend to grow continuously from 2020 to 2022. In 2023, the unstable world economy poses many challenges for seafood exports in general and shrimp exports in particular. Therefore, Vietnamese shrimp exports to the Middle East will inevitably decline, but the decline is somewhat milder than that of other markets.
The largest single markets importing Vietnamese shrimp in the Middle East region are Israel, Saudi Arabia, UAE, Qatar, Lebanon, Türkiye, Iran, Kuwait, etc.
In the first 10 months of this year, Vietnam's shrimp exports to some markets in the Middle East recorded an increase compared to the same period last year, such as Saudi Arabia recorded a 42-fold increase (reaching 7.6 million USD), Iran recorded an 8-fold increase (reaching 1.7 million USD), Kuwait and Lebanon recorded double-digit growth, exports to Oman increased 16 times, and exports to Qatar increased 4 times.
The Middle East market is considered to have potential because this region is not strong in farming and processing, so it depends heavily on imported food supplies.
Natural conditions such as weather and soil are not favorable and suitable for agricultural production. To meet domestic demand, the Middle East has to import up to 80% of food and food products, equivalent to 40 billion USD per year. The demand for seafood, including shrimp, is growing strongly, especially in markets such as Saudi Arabia, UAE, etc.
This market area has high requirements for imported food products such as Halal certification. Suppliers need to process and package appropriately to meet this standard.
This is a potential market for Vietnamese seafood, with purchasing power equal to that of the ASEAN market and the potential to triple if focused on development. There needs to be more information channels about the needs and requirements of this market area along with support from government programs on market promotion so that businesses have more development channels and increase the potential for exports here.
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