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Cephalopod exports of Vietnam remained stable
February 13, 2019, 08:20 AM
(seafood.vasep.com.vn) In November of 2018, cephalopod exports of Vietnam continued to prosper with higher growth than the previous month. Export value in November 2018 reached over US$64.8 million, up by 25.5% compared to November 2017, bringing the total value in the first 11 months of this year to US$606.7 million, up 6.3% compared to the same period last year.

Export of cephalopod to major markets in November also grew well. Some markets have showed signs of recovery like South Korea, Japan, ASEAN, China, Taiwan and Israel, while exports to the EU and the US declined. As of the end of November 2018, the value of cephalopod exports to the main markets of Korea, Japan, ASEAN, EU, China, the US, Taiwan, Israel and Russia accounted for 98.4% of the total value. In the total export value of cephalopod of Vietnam, squid products still accounted for a higher proportion of 52.02%, with the rest being octopus.

South Korea

Cephalopod exports to Korea still maintained positive growth rate from the beginning of the year. As of the end of 11/2018, cephalopod export to this market reached US$239.6 million, up 20.8% compared to the same period in 2017. Korea is the largest market for octopus, and 2nd for squid. Fresh / frozen octopus is the most exported product in Vietnam's cephalopod products export structure to Korea, followed by dried squid and fresh / frozen squid respectively. With preferential export tax, it is forecasted that export of cephalopod to Korea will continue to increase.

Japan

After having declined in November, export of cephalopod to Japan has grown again in November this year. Export value to this market in November reached US$15.9 million, up 23%. Total export value as of November this year reached US$138.9 million, up 2.2% compared to the same period in 2017. Japan is at the forefront of importing squid in Vietnam, accounting for 51% of the total export value. However, this year the proportion of export value of squid products tended to decrease, while ones of octopus increased.

EU

Export of cephalopod to the EU continued to decrease, but the speed was not as strong as the previous months. Export value to EU in November decreased by 2.9% to over US$6 million. In this month, Vietnam cephalopod exports to 3 main import markets in the EU all fell while the exports to Spain dropped the most by 55.3%. Because cephalopod products are harvested with a small amount, it is difficult to meet the requirements of anti-IUU exploitation of EU, so it is expected that export to EU in the coming months will be reduced.

ASEAN

Exports of cephalopod to ASEAN in November increased by 9.6% compared to November 2017, reaching US$7.2 million, bringing the total export value in the first 11 months to US$76 million, up by 14.9% compared to the same period in 2017. The prosperity in cephalopod exports to this market is due to the export growth rate to Thailand in November, increasing by nearly 33%, reaching US$5.2 million.

ASEAN is the third largest importer of cephalopod in Vietnam, accounting for 12.5%. In the context of difficulty in exporting cephalopod, ASEAN continues to become a potential alternative export market.

In the product structure, squid remained as the main export product of Vietnam to ASEAN. The export value of squid products of Vietnam to ASEAN accounted for 97.3% of the total value of cephalopod exports to this market, while octopus products accounted for only 2.7%. Among the exported squid products to ASEAN, instant dried / baked squid products are the most popular in this market.

China & HK

In 11/2018, cephalopod exports to China followed the recovery trend of October. The value of cephalopod exports to this market in November reached US$3.4 million, up 44.5% compared to November 2017, bringing the total export value in the first 11 months to US$42.7 million, up 12.8% over the same period last year. The US-China trade war may make US cephalopod products exported to China subject to high tax rates, which will create opportunities for Vietnam in this market.

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