List of Top 10 largest squid and octopus import markets of Vietnam

Squid and octopus exports in 2023 are expected to bring in 875 million USD Squid and octopus exports: A bright spot from the Japanese market

According to the Vietnam Association of Seafood Exporters and Producers, from the beginning of the year to July 15, 2023, Vietnam's squid and octopus exports reached 318 million USD, down 16% over the same period last year. Although it could not avoid negative growth in the general downward trend of Vietnam's seafood exports, compared to other major seafood export products of Vietnam, the export value of squid and octopus still recorded a smaller decrease.

In June 2023 alone, squid and octopus exports reached more than 51 million USD, down 23% over the same period. Squid and octopus exports decreased sharply in major markets such as Korea, China, and the EU. Exports to some Asian markets recorded positive growth such as Thailand, Taiwan, and the Philippines.

In the second quarter of 2023, squid and octopus exports reached nearly 154 million USD, down 18% over the same period. Squid and octopus exports in the second quarter of this year recorded a sharper decline than in the first quarter. In the 3 months of the second quarter of 2023, squid and octopus exports continuously experienced negative growth and June recorded the sharpest decline.

The impact of inflation and global economic recession, people tightening spending has caused the demand for imported squid and octopus from major consumer markets around the world to decrease.

Squid and octopus exporting enterprises continue to face many difficulties in raw material sources and high input costs for production. The Russia-Ukraine conflict disrupts global trade, high oil prices make the cost of fishing trips difficult for fishermen. In addition, the IUU yellow card that has not been removed is still a challenge for squid and octopus exporting activities.

In the structure of exported squid and octopus products, squid accounts for 57.5%, while octopus accounts for 42.5%. In the first two quarters of 2023, squid export value decreased by 13%, octopus export decreased by 17% compared to the same period in 2022.

Dried/salted/live/fresh/frozen octopus is the product that accounts for the highest proportion of 34% in the structure of exported squid and octopus products. This is also the group of squid and octopus products that recorded the deepest decrease in the first half of this year, down 21% to 99 million USD.

Among exported squid and octopus products, in the first 6 months of this year, only processed octopus recorded a slight increase of 2%, the remaining squid and octopus products all decreased from 8% -21% compared to the same period.

In the first six months of 2023, Vietnamese squid and octopus products were exported to 48 markets, compared to 53 markets over the same period in 2022.

The top 10 largest squid and octopus import markets of Vietnam include: South Korea, Japan, Thailand, China and Hong Kong (China), Italy, the US, Malaysia, Taiwan, Spain, the Philippines, France and Australia, accounting for 95% of Vietnam's total squid and octopus exports.

In the first half of 2023, in the structure of Vietnam's main squid and octopus import markets, the proportion of the Thai and CPTPP markets increased slightly, while the proportion of the Korean, EU, Chinese and Hong Kong markets decreased.

Japan, South Korea, and Thailand are the three largest squid import markets of Vietnam, accounting for 24%, 18%, and 17%, respectively. Squid exports to Japan in the first half of 2023 increased by 10% while squid exports to South Korea decreased by 4%.

South Korea, Japan, China and Hong Kong (China) are the three largest octopus import markets of Vietnam, accounting for 57%, 30% and 3% respectively. Octopus exports to these three markets all grew positively in the first two quarters of 2023, of which octopus exports to South Korea and Hong Kong (China) increased by 23% and 44% respectively, and exports to Japan increased by 4%.

Japan is the second largest single import market for Vietnamese squid and octopus, accounting for 19%. Among the top 4 largest import markets for Vietnamese squid and octopus, Vietnamese squid and octopus exports to Japan have the most positive signal. In the first 6 months of 2023, exports of this item to Japan increased by 3% to 77 million USD.

Source link