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According to statistics from the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam’s squid and octopus exports reached 62 million USD in the first month of this year, an increase of 45% compared to the same period last year, indicating a positive signal for the seafood industry in early 2024.
In the structure of squid and octopus products, squid accounted for 57%, reaching 35 million USD, while octopus accounted for 43%, reaching 27 million USD.
South Korea has been the largest market for Vietnam’s squid and octopus for many years and recorded strong growth in January. Specifically, our country exported this product to South Korea reached 26 million USD, an increase of 67% compared to the same period last year.
The second largest import market is Japan with 13 million USD, an increase of 19% compared to January 2023. The third market is China and Hong Kong with 7 million USD, a sharp increase of 151% compared to the same period last year. China’s ban on seafood imports from Japan after the nuclear waste release incident from Japan into the sea has led China to increase imports from other sources, including Vietnam. This market has increased imports of squid and octopus from Vietnam in January this year to serve the Lunar New Year consumption demand.
Source: Vietnam Association of Seafood Exporters and Producers (VASEP)
For the largest market, South Korea, Japan’s nuclear wastewater discharge has reduced South Korea’s seafood imports from Japan. South Korea has not issued a ban on seafood imports from Japan, but has increased inspection of goods from Japan. In addition, China is the largest source of squid and octopus supply for South Korea. China’s ban on seafood imports from Japan has also led to a decline in squid and octopus supply from China to markets such as South Korea due to a shortage of processing raw materials. Vietnam’s squid and octopus exports to South Korea are expected to continue to grow positively in the first quarter of 2024 as the ban has not been lifted.
Currently, Vietnam enjoys a 0% export tax rate to South Korea for fresh and frozen squid and octopus products. Vietnamese businesses have a great advantage when entering this market. In addition, Korean people highly appreciate the quality, safety, and deliciousness of Vietnamese squid and octopus products compared to those from other countries.
According to data from the International Trade Center (ITC), in January this year, South Korea’s squid and octopus imports from various sources also increased by 5%, reaching 91 million USD. Vietnam is the second largest source of squid and octopus supply for South Korea, after China.
In 2023, Vietnam’s squid and octopus exports reached 660 million USD, a decrease of 13% compared to 2022, with exports to South Korea reaching 247 million USD, a decrease of 8% compared to 2022.
