(seafood.vasep.com.vn) Korea is the largest import market of Vietnam's cephalopods, accounting for 41% of the total export value. In the second quarter of 2021 alone, cephalopod exports to South Korea reached US$62.6 million, up 8.8% over the same period last year. In the first two quarters of this year, cephalopod exports to this market reached 110.3 million USD, up 8% compared to the first 2 quarters of 2020.
According to statistics of Vietnam Customs, octopus is Vietnam's main export product to this market in the first half of this year. In which, Vietnam exports the most frozen octopus products, accounting for 76% of the total export value. The 0% preferential tariff under the EVFTA agreement has helped Vietnam increase exports of fresh, live and frozen octopus to the Korean market. In the first half of this year, exports of processed octopus to South Korea increased by 40%. In contrast, exports of dried/baked and fresh/live/frozen squid products fell by 36% and 20%, respectively.
Korea mainly imports from Vietnam dried skinned squid, frozen processed squid, frozen sushi squid, cleaned frozen cuttlefish fillet, frozen pinecone cut squid, frozen cleaned whole octopus, Chilled cut octopus, frozen processed octopus…
In the second quarter of 2021, Korea better controlled the Covid-19 epidemic, so the export of cephalopods to this market was more favorable than in the first quarter. Tariff advantages from the Free Trade Agreement between Vietnam and Korea (VKFTA) also have a positive impact on Vietnam's cephalopod exports to this market.
According to ITC data, Korea's imports of cephalopods from other countries in the first six months of this year decreased slightly by 1.4% to $151.8 million. Korea imports cephalopods from 11 countries around the world. Vietnam ranks third in supplying cephalopods to Korea, after China and Peru.