Exports of cephalopod in 2022 is expected to increase by 22% compared to 2021

Cephalopod exports in the third quarter of 2022 recorded high growth in all three months of the quarter, especially in August, which recorded a strong growth of 82%. At the same time last year, many processing and exporting enterprises were affected by restrictions to prevent the Covid-19 pandemic. The high export value of cephalopod this year is also influenced by factors such as rising shipping prices plus exchange rate fluctuations.

In the structure of exported cephalopod products, squid and cuttlefish accounted for 56.4%, octopus accounted for 43.6%. In the first 9 months of 2022, the export value of squid and cuttlefish  increased by 49% while octopus increased by 24% compared to the same period in 2021.

The export value of squid products all increased, in which dried/baked squid and live/fresh/frozen squid increased by 44% and 47% respectively. Notably, the export value of processed squid increased the most by 89% over the same period last year. Export value of processed octopus and live/fresh/frozen octopus increased by 43% and 21% respectively.

Import demand for processed cephalopod products tends to increase sharply. The Covid pandemic has not ended, so it still has an impact on the demand for cephalopods. Accordingly, the demand is still in favor of cephalopod products that are affordable, easy to process, have a long shelf life, and are suitable for home processing and consumption such as: dried squid, dried octopus, frozen octopus, etc.

In the first 9 months of 2022, Vietnam's cephalopod products were exported to 61 markets, an increase compared to 59 markets over the same period last year. In the first 9 months of 2022, exports of cephalopods to major markets increased. In the structure of Vietnam's main export markets for cephalopods, the proportion of CPTPP, China and EU markets increased while the proportion of Korea and Thailand decreased. Japan and China are still the leading squid import markets while South Korea and Japan are the two largest octopus import markets of Vietnam.

Korea is still the largest import market of Vietnam's cephalopods, accounting for 36% of the total export value. Accumulated in the first 9 months of 2022, exports of cephalopods to this market reached over 197 million USD, up 19% over the same period.

Korea mainly imports from Vietnam frozen cut octopus, frozen whole octopus, frozen cut octopus, frozen processed octopus, peeled dried squid, frozen processed squid, frozen sushi squid, frozen cleaned cuttlefish fillet, frozen cleaned whole cuttlefish, frozen pineapple-cut squid, frozen baby squid.

In the first 9 months of 2022, cephalopod exporters faced many difficulties in terms of raw materials and high input costs for production. The Russia-Ukraine conflict disturbs global trade, high gasoline prices make the cost of fishing trips difficult for fishermen, many ships cannot sail. Besides, the IUU yellow card that has not been removed is still a challenge for Vietnam’s cephalopod exports. High inflation, commodity prices and soaring cost of living in the main import markets also have negative impacts on Vietnam's cephalopod exports.

Compiled by Thuy Linh