The export of squid and octopus is expected to decrease slightly in the first quarter of the year

16/04/2024 10:34

According to Vietnam Customs data, as of March 15, 2024, Vietnam's exports of squid and octopus reached over 109 million USD, a slight decrease of 3% compared to the same period in 2023. Vietnam's exports of squid and octopus in the first quarter of this year are projected to reach around 136 million USD, down 2% compared to the same period last year.

South Korea remains Vietnam's largest export market for squid and octopus for many years. As of March 15, 2024, Vietnam's exports of squid and octopus to South Korea reached nearly 46 million USD, an increase of 15% compared to the same period last year. South Korea accounts for 42% of Vietnam's total exports of squid and octopus.

The nuclear wastewater discharge incident in Japan has impacted and reduced South Korea's demand for seafood imports from Japan. Although South Korea has not issued a ban on seafood imports from Japan, it has intensified inspections of imported goods from this country.

It is anticipated that Vietnam's exports of squid and octopus to South Korea will continue to experience positive growth in the foreseeable future, as the ban on seafood imports from Japan to China has yet to be lifted.

Japan is the second largest market for Vietnamese squid and octopus exports, accounting for 26% of the total. However, exports of squid and octopus to Japan have yet to recover from the negative trend. As of March 15, 2024, exports of this commodity to Japan reached 25 million USD, a decrease of 16% compared to the same period last year. The nuclear wastewater discharge incident has negatively impacted Japan's seafood import and export activities overall, leading to a significant decline in Vietnamese squid and octopus exports to Japan.

China and Hong Kong are the third largest market for Vietnamese squid and octopus exports. As of March 15, 2024, exports to this market reached 11 million USD, an increase of 32% compared to the same period last year. The ban on seafood imports from Japan by China after the nuclear wastewater discharge incident has led China to increase imports from other sources, including Vietnam.

Source: vasep.com.vn