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Soar in Vietnam cephalopod sales to China
August 27, 2018, 10:30 AM
(seafood.vasep.com.vn) In the past two years, Vietnam’s exports to China rebounded and continued to record the good growth rate. China held as the fifth largest importing market for Vietnamese cephalopod, picking up 8% of Vietnam’s total cephalopod export value to the market.

According to statistics of Vietnam Customs, from the beginning of 2018, Vietnam’s cephalopod sales to China witnessed the triple-digit increases. In April 2018, exports to the country reached US$4.4 million, an increase of 127% over April 2017; the figure in the first four months of this year estimated at nearly US$14 million, up 159% over the same period in 2017.

Currently, the consumption of molluscs in China is increasing because people are more concerned about their health, so they are looking for healthy foods such as seafood. Rise in the number of the middle class and increasing tourists in the country also facilitated the consumption of cephalopod in restaurants. In addition, the stable yuan stimulates the demand of Chinese importers.

According to the International Trade Center (ITC), China's cephalopod imports in 2017 valued at US$98.9 million; down 70.4% compared to 2016. Peru, North Korea, Chile were the largest suppliers of cephalopod to the Chinese market.

Vietnam was the sixth largest exporter of cephalopod to China and the fourth largest exporter of live/fresh/chilled squid (HS code 030741) to the market behind North Korea, Japan and Indonesia. Out of the four biggest suppliers of live/fresh/chilled squid to China, only Vietnam and Indonesia enjoyed the zero tariffs, while the others were subject to the tariff rate of 6%.

Besides, Vietnam held as the third leading supplier of frozen octopus (HS code 030759) to China behind Japan and Mauritania.

In 2017, China increased imports of processed squid products (HS code 160554), live/fresh/chilled octopus (HS code 030751) and processed octopus (HS code 160555); of that imports of live/fresh/chilled octopus showed the highes climb.

CEPHALOPOD IMPORTS INTO CHINA BY PRODUCTS (Thousand US$)

HS

Products

2016

2017

Variation (%)

160554

Processed squid

16,949

77.505

357.3

030749

Frozen/smoked/dried/salted squid

305,328

20.031

-93.4

030759

Frozen/smoked/dried/salted octopus

11,352

1.055

-90.7

030751

Live/fresh/chilled octopus

3

143

4,666.7

160555

Processed octopus

59

136

130.5

030741

Live/fresh/chilled squid

187

-

-100.0

Total

333.878

98,870

-70,4

(Source: ITC)

China has a large import demand for domestic consumption and re-exports. Thanks to the advantageous geographical location, Vietnam expected to boost exports to China.

China is projected to continue as an important and potential market for Vietnamese cephalopod companies in the coming time, when exports to mainstream markets face difficulties.

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