In 2023, the export of squid and octopus reached 660 million USD. Korea remains the largest export market of squid and octopus from Vietnam.
According to the Vietnam Association of Seafood Exporters and Producers, in 2023, Vietnam’s squid and octopus exports reached 660 million USD. This result was down by 13% compared to 2022.
Although the growth momentum was negative, squid and octopus exports recorded a slight decrease compared to other key export seafood products.
Korea remains the largest export market of squid and octopus from Vietnam.
In the structure of squid and octopus exports, squid accounted for 55.4%, and the rest was octopus. The export value of squid reached 365 million USD, down 14% while octopus exports reached 295 million USD, down 12% compared to 2022.
Among squid products, the export value of dried, baked, or frozen squid (HS code 03) has a slight decrease compared to processed squid products (HS code 16).
Korea remains the largest export market of squid and octopus from Vietnam, accounting for 37%. Exports of squid and octopus to this market from August 2023 until the end of the year recorded positive growth or only a slight decrease.
The country increased the demand for squid and octopus from Vietnam while reducing imports from other sources such as Japan and China. In 2023, Vietnam’s squid and octopus exports to Korea reached 247 million USD, down 8% compared to 2022.
Japan is the second-largest export market for Vietnam’s squid and octopus, accounting for 23%. Vietnam’s exports to this market tend to decrease sharply in the last months of 2023.
In 2023, Vietnam’s squid and octopus exports to this market reached 152 million USD, down 11% compared to 2022. China’s import ban on Japanese seafood also contributes to a decrease in Japanese demand for imported squid and octopus.
Vietnam’s squid and octopus exports to China and Hong Kong (China) in 2023 reached 77 million USD, down 6% compared to 2022. Exports of squid and octopus to the market tend to grow well from August 2023.
China’s ban on seafood imports from Japan following Japan’s discharge of nuclear waste into the sea has caused China to increase imports from other sources including Vietnam.
In addition, the increased demand for squid and octopus in China in the last period of the year caused Chinese importers to increase their imports from Vietnam./.