In the structure of exported cephalopod products, squid accounts for a higher proportion than octopus. Only live/fresh/frozen squid products (HS code 03) had a slight increase in export value. Exports of the remaining cephalopod products all decreased, of which the largest decrease was other processed squid (HS 16) with 20% reduction.
South Korea is still the largest import market of Vietnam's cephalopods, accounting for 35% of the total export value. In the first two months of 2022, exports to this market reached 31 million USD, down 3% 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.
In the first two months of 2023, cephalopod products contributed 8% of Vietnam's total seafood export turnover, with a value of over $89 million
Ranked second is Japan, accounting for 26%. In the first two months of this year, Vietnam's cephalopod exports to Japan reached $23 million, up 6% over the same period.
The EU ranks 4th in importing cephalopods from Vietnam. Italy, France and Spain are among the top 3 largest import markets, accounting for 48%, 14% and 13% of Vietnam's total cephalopod exports to the EU market, respectively.
As an affordable product, the demand for importing cephalopods from the consuming markets has not changed much. In 2022, Vietnam's exports of cephalopods reached nearly 763 million USD, up 25% compared to 2021.
In 2023, cephalopods exporters continue to face difficulties in source of raw materials and high input costs. In addition, the IUU yellow card that has not been removed is still a challenge for cephalopod exports.
Compiled by Thuy Linh
(seafood.vasep.com.vn) The US remains Vietnam’s largest single market for shrimp imports, accounting for 20% of Vietnam's total shrimp exports globally. As of October 15th, 2024, Vietnamese shrimp exports to the US reached nearly 600 million dollas, marking a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) According to Vietnam Customs, pangasius exports to Canada reached over 1 million USD in the first half of October 2024, a 33% decrease compared to the same period last year. However, by October 15, 2024, total pangasius exports to Canada had reached 32 million USD, reflecting a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) Cà Mau is accelerating its digital transformation, developing green industries, and promoting high-tech processing of agricultural and aquatic products, with a focus on sustainable economic growth and environmental protection.
(seafood.vasep.com.vn) The Dong Thap Pangasius Festival 2024, themed 'Dong Thap Pangasius: Green Journey - Green Value', will take place on November 16-17 in Hong Ngu City.
The positive business momentum in the domestic seafood sector could last into the first half of 2025, according to experts.
(seafood.vasep.com.vn) In the first three quarters of 2024, brackish water shrimp production exceeded 1.1 million tons, with export revenue reaching $2.8 billion. The seafood industry has set a target of $4 billion for shrimp exports for the entire year.
While the price of 1 kg of shrimp hovers around 20 USD, the value of 1 kg of chitosan—extracted from shrimp—can soar to 500 USD. This highlights a significant challenge within the seafood processing industry.
(seafood.vasep.com.vn) By October, Vietnam's shrimp exports had generated nearly $3 billion, reflecting an increase of over 10% compared to the same period last year. Shrimp remains the leading commodity contributing to the export turnover of the entire seafood industry.
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (FIMEX VN - HoSE: FMC) concluded Q3/2024 with significant growth in revenue. Specifically, Sao Ta Food recorded revenue of VND 2,845 billion, a 58.6% increase year-on-year. The company's profit after tax reached VND 95 billion, up 6.2%.
VASEP's Seafood Export Report for the third quarter of 2024 provides a comprehensive overview of Vietnam's seafood export performance in the first nine months, with impressive results reaching $7.2 billion—an increase of 9% over the same period last year. In the third quarter alone, seafood exports grew by 15%, totaling $2.8 billion. This growth is attributed to a recovery in demand and prices in key markets such as the U.S. and China, as well as the competitive advantage of value-added products in markets like Japan and Australia.
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