Vietnam's cephalopod exports to the EU increased by 39%

( Thanks to good growth in the first 7 months of this year, the EU has surpassed Thailand to become the third largest import market of Vietnam's squid and octopus, accounting for 10.8% of the total value. Export of squid and octopus from Vietnam. In August 2021, due to the impact of the Covid-19 epidemic, Vietnam's exports of squid and octopus to the EU as well as most markets decreased. However, from September, exports are recovering thanks to the policy of easing social distancing to restore production.

Vietnams cephalopod exports to the EU increased by 39

In the first 7 months of this year, Vietnam's squid and octopus exports to the EU grew by 3-digits in April and May, and then grew by double digits in the remaining months. In August, due to social distancing to prevent epidemics, squid and octopus exports to the EU decreased by 15% to nearly 5 million USD. However, thanks to good growth in the previous months, Vietnam's cephalopod exports to the EU in the first eight months of the year still increased by 39% to US$38.8 million. This is the market with the best growth among the 5 main import markets of Vietnam's cephalopod.

Under the impact of the EVFTA Agreement, import tax rates on frozen and processed cephalopod products exported to the EU are 0%, and after the Covid-19 pandemic in the world is better controlled, Vietnam's cephalopod exports to EU has recovered well from the beginning of the year so far.

Among EU member countries, Italy, France and Spain are the three biggest importers of Vietnamese squid and octopus. In August 2021, while cephalopod exports to France and Spain decreased by 81% and 40% respectively, exports to Italy still increased by 38% over the same period last year. As of August this year, the export of cephalopods to Italy, France and Spain respectively reached 20.3 million USD; $3.4 million and $3.2 million, up 69%, 15% and 17% over the same period.

According to ITC, the EU market is currently importing cephalopods from more than 50 countries outside the bloc. In which, Vietnam is the 7th largest supplier to the EU market. Spain, Portugal and France are the top 3 importers of cephalopods in the EU in the first 7 months of this year. In the EU market, the demand for squid and octopus in the retail segment is still high; Restaurants and hotels are gradually opening, increasing the demand for this item. Demand for importing cephalopods from Vietnam to the EU remains good from now until the end of the year.

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