Import demand for octopus to increase globally

News 15:02 15/09/2014 609
(vasep.com.vn) According to ITC statistics, in the first half of 2014, South Korea, Japan and the United States, the world's three biggest octopus importers increased in both the volume and value of their imports. These imports are mainly used for domestic consumption. Thus, during this period, Vietnam cephalopod export shares had many changes. Octopus exports rose nearly 5% year on year.

By July 2014, total exports value of Vietnam cephalopod reached US$ 264.4 million, up 13.9% year on year. Three years ago, the value of octopus was only about 30-35% of the total exports; however, this became nearly 41%.

The proportion of octopus exports of Vietnam increased in the first six month of the year and the large demand of the global market is remained. The most difficult challenge for Vietnam seafood enterprises at present is the short raw material supply.  India, the biggest octopus supplier to Vietnam is facing the shortage of raw materials.

Demand of the world market on cephalopod is high in 2014 however, Vietnam exporters also faces to stronger competition from other suppliers.

According to ITC, in the first half of 2014, South Korea, the world’s biggest octopus consumer market imported more octopus products. In particular, octopus, frozen, dried, salted or in brine (HS030759) was accounted for 46-52% of total import value. From March to June 2014, import value of octopus (HS030759) of  South Korea increased by 10-12% per month, up from 15% to 25% year-on year.

Japan, the second also had a similar trend in the first half of the year. In Q2, Japan octopus imports increased with monthly average rate of 26-33%. Octopus (HS030759) was accounted for 31-64% of the total import value. In 1H, imports of octopus (HS030759) also increased from 3-12% year on year. Octopus from Vietnam took up 4.5-5% of total imports of octopus (HS 030 759) by Japan, while Morocco, China and Mauritanie, the 3 largest competitors, were  accounted for 65-75% of the market share.

In the United States, octopus (HS030759) was the second most imported (after the squid frozen, dried, salted or in brine (HS030749), nevertheless, its value in 1H 2014 increased by 17-33% each month. It was difficult for Vietnam octopus to compete with fierce competitors such as Spain, Portugal, Indonesia, the Philippines, China and Thailand. Exporters of these countries had the know-how to import to America with large quantities and price stability.

 

Vietnam Cephalopod exports in Jan – Jun 2014 (US$ millions)

 

Product

 

Q1/2014

 

Q2/2014

 

6T/2014

 

Jan-Jul/2014

 

Jan-Jul/2014

 

Y-o-y changes (%)

 

Squid (1)

 

56.871

 

72.735

 

129.606

 

157.054

 

149.085

5.34

- Other processed squid (HS code 16)

4.542

4.346

8.888

10.350

13.418

-22.8

- Dried/grilled squid (HS code 03)

21.748

26.967

48.715

59.745

50.666

17.9

- Live/fresh/frozen squid (HS code 03)

30.582

41.422

72.003

86.959

84.999

2.3

 

Octopus (2)

 

34.903

 

54.810

 

89.713

 

107.301

 

82.984

29.3

- Processed octopus (HS code 16)

7.018

7.901

14.920

17.687

18.232

-2.98

- Dried/salted/live/fresh/frozen octopus (HS code 03)

27.885

46.909

74.794

89.613

64.752

38.3

 

Total (1 + 2)

 

91.774

 

127.545

 

219.320

 

264.356

 

232.070

13.9

 

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