(seafood.vasep.com.vn) In 2020, due to the impact of the Covid-19 epidemic, Vietnam's export of cephalopod to South Korea decreased slightly. However, Korea is still the largest import market for Vietnamese cephalopod, accounting for over 40%.
In the first 11 months of 2020, Vietnam's cephalopod exports to South Korea dropped slightly by 1% over the same period in 2019, reaching more than US$ 209 million. The tariff advantage from the Free Trade Agreement between Vietnam and Korea (KVFTA) has partly promoted Vietnam's cephalopod exports to this market.
Octopus dominated with 74%, while squid accounted for 26% of total cephaopod exports to South Korea. Compared to the previous year, octopus exports to Korea decreased, while squid exports increased mainly in dried and grilled squid products.
According to ITC data, in the first 10 months of 2020, Korea imported cephalopod from 10 suppliers, down 4.8% in value compared to the same period last year.
China remains the top supplier of squid and octopus to Korea. Other important suppliers to the Korean squid market are Peru, Vietnam and Thailand.