Up 53.3% in Vietnam cephalopod exports

In Jan-Sep 2017, shipments of squid remained the large share of 58.6% in Vietnam’s total export value. Out of cephalopod items for exports, sales of fresh/live/frozen squid accounted for the highest proportion of 38.2%; followed by dried/salted/fresh/live/frozen octopus with 34%.

Currently, Vietnam exported cephalopod to 65 markets, equal to the same period in 2016. Of that, exports to top 9 major markets accounted for 99% of Vietnam’s cephalopod sales in the first 9 months of this year.

South Korea remained as the leading buyer of Vietnam cephalopod, taking up 34% in the total export value. Vietnam’s cephalopod exports to South Korea showed the remarkable rise from earlier this year. Exports in QIII/2017 reached US$60.7 million; increasing by 39.8% compared to QIII/2016. The figure in Jan-Sep 2017 amounted to US$155.3 million; up 40.2% over the same period last year.

Vietnam’s cephalopod sales to Japan were tended to go on the rise from the beginning of the year. Exports to the market in QIII/2017 reached over US$44 million, up 43% from QIII/2016, the figure in the first 9 months of the year estimated at US$107 million, up 40,9% over same period last year. Japan ranked the 2nd in top largest importers of Vietnam cephalopod, making up 23.4%. A decrease in the world production of raw cephalopod and a rise in the yen exchange rate partly led to a climb in imports of Vietnam cephalopod into Japan.

The EU remained as the 3^rd biggest importer of Vietnam cephalopod in this period with high continuous growth in the first 9 months of the year. Vietnam’s cephalopod shipments to the market through Sep 2017 hit over US$83 million, up 80% year on year. Italy, France and Spain continued as top 3 leading importing markets of Vietnam cephalopod in the EU. Exports to these 3 markets recorded the positive growth of 69.4%; 191.6% and 61.5% respectively.

ASEAN continued to keep its 4th rank. Vietnam’s cephalopod exports to the region in the first 9 months of this year touched US$52.5 million, up 48.4% over the same period last year. Thailand and Malaysia were the two major buyers of Vietnam cephalopod in ASEAN. Of that, exports to Thailand go on the upward trend.

Sales to China witnessed the highest growth rate among the major importing markets of Vietnam cephalopod in this period. Shipments to China and Hong Kong reached over US$33 million, up 184% over the same period in 2016. Of that, exports to Hong Kong were worth by over US$5 million, up 42% year on year.

In the coming time, cephalopod production in the world forecasted to remain low, which drives the price of this item up. Vietnam’s cephalopod exports projected to continue the rise, especially value added items.