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South Korea increased imports of processed cephalopod
October 23, 2018, 03:15 PM
(seafood.vasep.com.vn) After the continuous growth in the first 6 months of 2018, Vietnam's cephalopod sales to South Korea decreased in July 2018. According to statistics of Vietnam Customs, Vietnam’s cephalopod exports to South Korea in July 2018 reached nearly US$ 20 million, down 2.8% over July 2017.

However, thanks to the good growth in the first half of the year, the total export value of Vietnamese cephalopod to this market increased by 13% compared with the same period in 2017, touching US$130 million. South Korea continued to remain as the largest importing market of Vietnamese cephalopod.

Of that, exports of Vietnamese octopus items to South Korea recorded the highest rise of 15% over the same period last year. And octopus kept as the main export products of Vietnam to South Korea, accounting for more than 72% of total export value. In particular, Vietnam boosted shipments of processed octopus to this market. In addition, exports of live/fresh/frozen squid products were also boosted to the Korean market in the first seven months of this year.

According to ITC, after the decline of imports in 2017, cephalopod imports into South Korea in the first half of 2018 tended to increase. These can be considered as good signs for cephalopod suppliers to the Korean market.

China was the largest exporter of this item to South Korea (53.2%), followed by Peru (31%) and Vietnam (10.9%). In the top 7 main suppliers, South Korea increased imports from China, Peru, Vietnam and Thailand while reducing imports from Chile, the Philippines and Japan. In particular, imports from Vietnam witnessed the highest rise.

Processed squid and fresh/live/chilled octopus were the two key export products to the market, accounting for the highest proportion of total cephalopod imports into South Korea. In the first half of this year, imports of processed squid and processed octopus into the market climbed by 19% and 1.3%, respectively over the same period of 2017. Meanwhile, Imports of frozen/dried/salted octopus and fresh/live/chilled octopus into the country fell by 70% and 28%, respectively.

With the tax rate of 0% for fresh/live/frozen octopus (HS code 030751 and HS code 030759) exporting to South Korea, Vietnam expected to continue to boost shipments of these items to the market in the coming time.

CEPHALOPOD IMPORTS INTO SOUTH KOREA

Products

Volume (kg)

Value (Thousand US$)

Jan-Jun 2017

Jan-Jun 2018

Variation (%)

Jan-Jun 2017

Jan-Jun 2018

Variation (%)

Processed squid

12,111,006

14,362,897

18.6

54,409

79,400

45.9

Fresh/live/chilled octopus

5,440,526

3,903,957

-28.2

66,899

57,076

-14.7

Processed octopus

3,544,086

3,589,061

1.3

18,084

24,090

33.2

Frozen/smoked salted squid

720,635

582,558

-19.2

16,146

14,935

-7.5

Frozen/dried/salted octopus

390,669

118,945

-69.6

1,815

734

-59.6

Total

22,206,922

22,557,418

1.6

157,353

176,235

12.0

(Source: ITC)

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