Koreans have a high demand for cephalopod, especially dried items. Imports of cephalopod into South Korea in recent years tended to increase thanks to a rise in demand for healthy food.
According to ITC, in the first six months of this year, cephalopod imports into South Korea decreased by 48% to hit US$149.8 million. China was the largest supplier to the market; followed by Peru and Vietnam with the shares of 49% and 42%, respectively.
In the period, among the main cephalopod items imported into Korea; imports of processed squid (HS code 160554), fresh/live/chilled octopus (HS code 030751), processed octopus (HS code 160555) increased by 40.6%; 30.7% and 33.75%, respectively; while those of frozen/dried/salted squid (HS code 030749) and octopus (HS code 030759) declined sharply by 65.9% and 98.5%, respectively.
Vietnam’s exports of fresh/frozen octopus picked the main proportion of total Viet Nam's cephalopod exports to South Korea, followed by dried squid and fresh/frozen squid.
Despite the proportion of 1% in total imports of fresh/live octopus into South Korea, Vietnam will have the opportunity to increase the market share thanks to the tax rate of 0% (China with 91%; Thailand with over 8%) and good supplies. For the export value, Vietnam accounted for 35%, while China picked up 45% in total imports of frozen octopus into the market.
Korea's import demand for frozen squid in 2016 had rebounded, up 8% after a 16-percent drop in 2015. In 2017, South Korea's squid imports expected to continue the rise as the squid output of the country fell sharply from 186 thousand MT in 2015 to 141 thousand MT in 2016. Vietnam made up the highest market share in South Korea with 31.5% in 2016, while Chile accounted for 228.5% and China with 12.5%. In addition, Vietnam was subject to the lower tax than China (Vietnam with the tax of 6.67% and China with the tax of 13.33%).
Having identified its weakness in 2023, entering the first quarter of 2024, Vietnam's shrimp industry has undergone a clear change, reflected through increases in exports to major markets.
It is necessary to develop more detailed and consistent regulations on seafood production for export in line with the implementation of solutions towards sustainable and responsible fishing practices.
(seafood.vasep.com.vn) After increasing to the highest level in 2022, Canada's tuna imports in 2023 dropped to the lowest level in the past 10 years, reaching 35 thousand tons, down 24% over the year. Canada is currently one of the 15 largest tuna import markets in the world.
(seafood.vasep.com.vn) Chile, one of the countries participating in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), has tended to increase tuna imports from Vietnam in the past 3 years. According to statistics from Vietnam Customs, this South American country imported nearly 3 million USD of tuna products from Vietnam in the first 2 months of 2024, an increase of 58% over the same period in 2023.
Economic and social development activities, overexploitation, pollution, diseases, and climate change have adversely affected the ecological environment, leading to a severe decline or the extinction of many precious indigenous aquatic species.
(seafood.vasep.com.vn) The prices of pangasius fingerlings and raw pangasius in ponds fell in March, following steady increases in the first two months of this year.
(seafood.vasep.com.vn) In February 2024, the average export price of Vietnamese pangasius to markets increased by 4%, although the volume decreased by 40% compared to the previous month.
(seafood.vasep.com.vn) There was a 6% decline in Vietnam's pangasius exports to Brazil in February 2024 compared to the same period in 2023, with the total value reaching 6 million USD.
(vasep.com.vn) In the first two months of 2024, Poland—which ranks as Vietnam's fourth-largest EU supplier of tuna—became a noteworthy market. Vietnam's tuna exports value to Poland increased by 786% in comparison to the same period last year, totaling over $2 million USD and contributing about 2% of the country's overall tuna exports revenue.
Regulations on the protection and sustainable development of aquatic resources, Việt Nam's legitimate rights at sea in accordance with international law and the achievements that the country has carved out to remove the European Union’s “yellow card” will be brought closer to local people.
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