In the first 10 months of this year, Vietnam’s cephalopod exports to South Korea were on the upward trend, except for January. The figure in the period estimated at US$178.3 million, up 38.4% over the same period in 2016.
Koreans have high demand for cephalopod, especially dried items. Cephalopod imports into South Korea have been on the increase due to high demand for healthy foods.
According to ITC data, in the first 9 months of this year, cephalopod imports into South Korea fell by 48% to see over US$230 million. China was the largest supplier to Korea; followed by Peru and Vietnam.
In Jan-Sep this year, among the main cephalopod products imported into South Korea; imports of fresh/live/chilled octopus (HS code 030751), processed squid (HS code 160554), processed octopus (HS code 160555) increased by 33.6%; 25.5% and 27.9%, respectively, while those of frozen/dried/salted squid and octopus (HS code 030759) decreased by 70.4% and 98.6%, respectively.
South Korea consumes more octopus than squid. Of that, imports of frozen/dried/salted octopus account for an average share of 49-61% of the total import value, those of fresh/live/chilled octopus take up 11-20% and those of frozen squid occupy 16-30%.
Vietnam's shipments of fresh/frozen octopus take up the biggest proportion in total cephalopod sales to South Korea; followed by dried squid and fresh/frozen squid.
Vietnam expected to boost exports of fresh/live/frozen octopus (HS code 030751 and HS code 030759) to South Korea thanks to the tax rate of 0%.
For frozen octopus, Vietnam accounts for the market share of 35% in value while China takes up 45%. In this segment, Vietnam also has a good chance to increase the market share thanks to the tax rate of 0%, while China is subject to the tax of 20%.
|
Cephalopod imports into South Korea (Thousand US$; Source: ITC) |
||||
|
HS |
Products |
Jan-Sep 2016 |
Jan-Sep 2017 |
Variation (%) |
|
Total |
442,524 |
230,043 |
-48 |
|
|
030751 |
Fresh/live/chilled octopus |
68,787 |
91,891 |
33.6 |
|
160554 |
Processed squid |
69,816 |
87,624 |
25.5 |
|
160555 |
Processed octopus |
20,760 |
26,550 |
27.9 |
|
030749 |
Cuttlefish and squid |
70,935 |
20,966 |
-70.4 |
|
030759 |
Frozen/dried/salted octopus |
212,220 |
3,012 |
-98.6 |
|
030741 |
Fresh/live/chilled squid |
6 |
- |
-100 |
(seafood.vasep.com.vn) Vietnam's tuna exports reached around $84 million in March 2024, a 17% rise. Vietnam's total tuna export revenue for the first three months of 2024 was $215 million, up 19% from the same time in 2023 but down 17% from 2022. It is anticipated that tuna exports may miss the billion-dollar mark as in 2022 at this rate and the difficulties the business faces.
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.
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