In just one month, this product earned 62 million USD. Both China and Japan are hunting it. In addition to South Korea, this product recorded a 151% growth in China and Hong Kong.
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam’s export of squid and octopus in the first month of 2024 reached 62 million USD, up 45% over the same period last year. This is a good sign for the seafood industry at the beginning of the year. In the export structure, squid accounted for 57%, reaching 35 million USD while octopus accounted for 43%, reaching 27 million USD.
Korea has been the largest market for Vietnam’s squid and octopus for many years and recorded strong growth in January 2024. Specifically, Vietnam’s exports to Korea were 26 million USD, up 67% over the same period last year.
Korea has been the largest market for Vietnam’s squid and octopus for many years.
The second-largest import market is Japan with 13 million USD, up 19% compared to January 2023. China and Hong Kong ranked third with 07 million USD, a strong increase of 151% compared to the same period last year. China’s ban on seafood from Japan after Japan’s nuclear waste release into the sea has caused China to increase its imports from other countries including Vietnam. This market increased its imports of squid and octopus from Vietnam in January 2024 to serve the consumption demand in the Lunar New Year festival.
Regarding the largest market, South Korea, Japan’s nuclear waste release has reduced South Korea’s demand for seafood imports from Japan. South Korea did not issue a ban on seafood from Japan but increased inspections of them. Besides, China is the largest supplier of squid and octopus to Korea. China’s ban on Japan’s seafood caused the supply of squid and octopus from China to markets such as Korea to decline due to the shortage of processing materials. It is expected that Vietnam’s squid and octopus exports to Korea will continue to grow positively in the first quarter of 2024 when the ban has not been removed.
Currently, Vietnam is enjoying a 0% export tax rate for fresh and frozen octopus products to Korea. Vietnamese enterprises have a great advantage when entering this market. In addition, Korean people appreciate Vietnam’s squid and octopus products as having better quality, safety, and taste than ones from other countries.
According to the International Trade Centre (ITC), in January 2024, South Korea’s imports of squid and octopus from supplies increased by 5%, reaching 91 million USD. Vietnam is the second-largest supplier after China. In 2023, Vietnam’s squid and octopus exports reached 660 million USD, down 13% compared to 2022 with an export turnover to Korea of 247 million USD, down 8% compared to 2022./.
