In the first months of 2020, Korea was also affected hardly by the Covid-19 epidemic, demand for cephalopod imports of South Korea declined due to the closure of restaurant systems. A shutdown of the hotel and a closed school, and a drop in tourists will also reduce Korea's demand for cephalopod imports.
South Korea remained the largest importer of Vietnamese cephalopod, accounting for 42% of Vietnam's total export value of this commodity to the markets. Vietnamese cephalopod exports to South Korea dived by 6.2% in April 2020 and fell by 22.3% in the first four months of 2020 to reach US$ 63.4 million. In the first four months of this year, cephalopod exports to South Korea rose only by 14% in February, exports in the remaining three months shrunk.
The decrease in export price and demand due to the Covid-19 epidemic is one of the factors affecting Vietnam's cephalopod exports to South Korea in the first four months of 2020. The tariff advantage from the Vietnam-Korea Free Trade Agreement (VKFTA) partly helps to boost Vietnamese cephalopod exports to this market.
In the structure of squid and octopus products of Vietnam exports to South Korea, octopus still dominated by 68.8%, squid accounted for 31.2%. In the first quarter of 2020, in the total export of squid and octopus products of Vietnam to South Korea, only export of dried/baked squid (HS 03) jumped by 19.8%, the export value of the remaining products fell in which the export value of processed octopus (HS 16) dropped the most, with a decrease of over 37%.
South Korea mainly imports cephalopod products from Vietnam such as dried squid, skin, frozen cleaning processing squid, frozen sushi squid, frozen whole octopus, chilled octopus … Vietnamese squid products exports to South Korea have higher prices than that of octopus with the average price ranging from 11-14 USD/kg. The price of Vietnamese octopus exports to South Korea has an average price of US$6- US$6.5/kg.
Currently, Vietnam enjoys a 0% export tax to Korea for fresh/live and frozen octopus products (HS030751 and HS030759). Dried octopus/ salt/live/fresh/frozen accounts for the highest proportion of total squid and octopus products exports to South Korea.
Diseases also cause economic growth decline, lower people's income. Therefore, people will only consume affordable products, limiting the consumption of higher-priced items such as squid and octopus products. Suppliers can focus on selling to online channels, prioritizing frozen, canned, deep-processed products with long shelf life, reducing fresh products due to consumers changing their consumption habits in the context of the disease.
Vietnam raked in over US$200 million from exporting tuna to 86 markets worldwide during the first quarter of the year, representing a rise of 19% against the same period from last year.
Vietnam’s pangasius export to the United Arab Emirates (UAE) reached more than 7 million USD in the first quarter of this year, a rise of 67% against the same period last year. UAE mainly imported frozen fillets from Vietnam.
(seafood.vasep.com.vn) According to data from General Department of Vietnam Customs, the UK imported nearly $3 million worth of pangasius from Vietnam in the first half of March 2024. Cumulative pangasius exports to this market reached $12 million as of March 15, 2024, down 3% from the same period last year.
Total export revenue from agro-forestry-fisheries products in the first three months of this year is estimated at 13.53 billion USD, up 21.8% over the same period last year; and this results in a trade surplus of 3.36 billion USD, a rise of 96.5%, according to the Ministry of Agriculture and Rural Development (MARD).
The southernmost locality is developing shrimp farming models that generate large outputs but are environment-friendly.
(seafood.vasep.com.vn) An Giang province's aquaculture output is predicted to reach 172.3 thousand tons in the first quarter of 2024, up 6.37% (+10.3 thousand tons) from the same time the previous year.
(seafood.vasep.com.vn) According to data from Vietnam Customs, as of March 15, 2024, Vietnam's cephalopod exports reached more than 109 million USD, a slight decrease of 3% compared to the same period in 2023. In the first quarter of this year, Vietnam's cephalopod exports are expected to reach about 136 million USD, down 2% over the same period last year.
(vasep.com.vn) According to statistics from the International Trade Centre (ITC), Portugal is the 6th largest tuna importer in the EU. In 2023, the country's tuna imports from other countries increased by 9% compared to 2022, reaching nearly 241 million USD.
(vasep.com.vn) Vinh Hoan Corporation has just announced supplementary documents for the 2024 Annual General Meeting of Shareholders, scheduled to be held on April 17.
(seafood.vasep.com.vn) Sao Ta Food Joint Stock Company (FIMEX VN) has just announced that in March 2024, finished shrimp output reached 2,000 tons and finished shrimp consumption reached 1,693 tons, an increase of 74%, and 42% over the same period in 2023, respectively.
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