Export Opportunities for Canadian agri-food
Being established in 1967, the ASEAN is a group of ten countries including Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam. With a population of 642.1 million in 2017, ASEAN owns the world’s third-largest consumer market (ASEAN, 2018b; Rao, 2018).
Not surprisingly, ASEAN is considered as one of the world’s emerging markets with a high GDP growth rate of 4.9 percent in 2019 (Asian Development Bank) and the world’s fourth-largest economy by 2050 after the United States, China, and India (US-ASEAN Business Council, 2019). The ASEAN is Canada’s sixth-largest trading partner with a trading value of $25.1 billion in 2018 (international.gc.ca). However, Canadian net seafood and agri-food exports to ASEAN countries were only US$1.5 billion in 2018, representing 2.9 percent of its exports to the world (US$51.1 billion) (agr.gc.ca). The top three countries in ASEAN in which Canada has the highest value of agri-food and seafood exports are Indonesia, Vietnam, and the Philippines.
Although the government has made efforts in promoting trade between the two countries, Canada’s agri-food and seafood exports to Vietnam were quite small, only US$264.5 million whereas Vietnam’s total agricultural import was US$31.7 billion in 2018 (agr.gc.ca). Soybeans, frozen crab, wheat, and meslin flour are key agri-food and seafood products Vietnam imported from Canada. There are still many opportunities for Canadian agri-food categories such as frozen, boneless meat of bovine animals and frozen shrimp and prawns which Canada holds the 8th and 23rd ranking position in the world in terms of market share and also are in the top ten of Vietnam imports from the world (agr.gc.ca).
In addition, the effectiveness & implementation of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) between Canada and ten countries including Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam (agr.gc.ca). This Agreement will benefit Canadian producers tax-free and customs barriers for agri-foods and seafood as well as other agricultural products. To get more information on how the CPTPP promotes trade opportunities, the link here CPTPP for Agri-Food Exporter and CPTPP with Vietnam.
From December 10th to 11th, Warehouse Transport Group is very pleased to join the Virtual Food Trade Show hosted by Viet Nam Trade Promotion with support from the Canadian General Consulate in Vietnam as well as Trade Commissioners from Global Affairs and Vietnam Chamber of Commerce and Industry (VCCI). We hope to help to accelerate trading activities between Canada and Vietnam, dedicating to the food industry.
