Export of cephalopods in 2023 is expected to increase by about 15%

The forecasted positive growth for cephalopod exports in 2023 is based on the stable demand from the Korean and Japanese markets. The Russia-Ukraine conflict has not ended, which will continue to reduce the domestic production of Korea and Japan as well as the output of the main suppliers for these two markets such as Morocco and Peru in 2023.

Circular 06/2022 of the Ministry of Agriculture and Rural Development removing quarantine for frozen seafood imported for processing and exporting will continue to help cephalopod enterprises to diversify their raw material sources in 2023. Vietnam's instant, convenient, and affordable cephalopod products will continue to be popular in the context of world consumers still having to deal with inflation and a stagnant economy in 2023.

The forecasted positive growth for cephalopod exports in 2023 is based on the stable demand from the Korean and Japanese markets

However, the growth rate of cephalopod exports in 2023 can not be as high as in 2022 (with an increase of 25%) because enterprises continue to face challenges in terms of raw materials and rising input costs, the Russia-Ukraine conflict disturbing global trade, high gasoline prices, unremoved IUU yellow card and global inflation.

Looking back at exports in 2022

Vietnam's cephalopod exports in 2022 reached nearly 763 million USD, up 25% compared to 2021. The increase in export value of cephalopod in 2022 was influenced by factors such as increased transportation costs and exchange rate fluctuations.

In 2022, cephalopod exporters face many difficulties such as limited raw materials, high input costs, the Russia-Ukraine conflict, the unremoved IUU yellow card, high inflation, increasing the cost of living in the main import markets.

However, cephalopods are one of the essential food items, so the import demand is not much fluctuating. From July 28, 2022, according to Circular 06/2022/TT-BNNPTNT of the Ministry of Agriculture and Rural Development, aquatic animal products imported as raw materials for export processing or production are exempt from quarantine. Therefore, Vietnam's exports of cephalopods in 2022 still maintained a positive growth momentum of 25%.

In 2022, exports of cephalopods to major markets all increased

In the structure of exported cephalopod products, squid accounted for 55.9%, octopus accounted for 44.1%. In 2022, squid export value increased by 35%; octopus increased by 15% compared to 2021.

The export value of all squid products increased. In which, dried/baked squid and live/fresh/frozen squid increased by 28% and 38% respectively. Notably, the export value of processed squid increased the most by 73% compared to 2021.

Import demand for processed cephalopod products tended to increase sharply. Consumer favored cephalopod products that were reasonably priced, easy to process, had a long shelf life, and suitable for processing and consumption at home such as: dried squid, dried octopus, frozen octopus. 

Vietnam exported cephalopod products to 63 markets in 2022. Top 10 largest single markets importing cephalopods from Vietnam included Korea, Japan, China, Thailand, Italy, USA, Malaysia, Israel, Spain, Taiwan and account for 92% of total cephalopod exports. 

In 2022, exports of cephalopods to major markets all increased. In the structure of Vietnam's main export markets for cephalopods in 2022, the proportion of CPTPP, China and EU markets increased while the proportion of Korea and Thailand decreased. Japan and China were still the leading squid import markets while South Korea and Japan were the two largest octopus importers.

Compiled by Thuy Linh