Vietnam cephalopod exports went on the rise

Exports of squid products continued to take the main share of Vietnam’s cephalopod exports in 2017, accounting for 57% of total export value in the first 11 months of the year. Exports of fresh/live/frozen squid picked up the highest proportion of 37%; followed by those of dried/salted/fresh/live/frozen octopus with 36%.

Shipments of other processed squid (HS code 16) witnessed the highest increase of 71%; followed by live/fresh/frozen squid (HS code 03) and live/fresh/frozen octopus (HS code 03) with 57% over the same period in 2016.

Vietnam currently exported cephalopod to 62 markets. In particular, the total export value to top 9 main importing markets accounted for 99% of the total export value of Vietnam cephalopod in the first 11 months of the year.

Exports to South Korea continued to grow from the first months of the year. In November 2017, Vietnam’s cephalopod exports to South Korea reached over US$20 million; increasing by 7% compared to November 2016. In the Jan-Nov 2017, exports to this market reached US$198.4 million USD; up 34.4% over the year before. The country still remained as the largest buyer of Vietnam cephalopod, accounting for 34.8% of Vietnam’s total cephalopod exports to markets.

Vietnam’s cephalopod sales to Japan reported the continuous growth from the beginning of the year. The export value of Vietnam cephalopod to the market in November 2017 hit US$12.9 million, up 3.6% over November 2016, the figure in the first 11 months of 2017 estimated at US$135.9 million, up 39% year on year. Japan ranked second in top leading importers of Vietnam cephalopod, making up 23.8%. A decrease in the world production of cephalopod and a rise in the yen exchange rate partly drove Japanese importers to increase imports of this item from Vietnam.

The EU continued to be the 3rd largest importer of Vietnam cephalopod in this period. The value of exports to the EU in November 2017 decreased by 8.7% to see US$6.2 million. However, the export value to the bloc as of November 2017 still witnessed the remarkable increase of 63.6% to eye US$98.7 million. Italy, Spain and France kept as top 3 biggest buyers of Vietnam cephalopod in the EU. Exports to these 3 markets were growing well. As of November 2017, exports to Italy and Spain increased by 46% and 78%, respectively. Notably, exports to France experienced the 3-digit growth of 160%.

ASEAN continued to hold the 4th rank. Vietnam’s cephalopod exports to the region in the first 11 months of the year touched US$66.2 million, up 42.6% over the year before. Thailand and Malaysia were the two major importers of Vietnam cephalopod in ASEAN. Of that, Vietnam’s cephalopod exports to Thailand were on the upward trend.

Among the major importing markets of Vietnam cephalopod in this period, exports to China is posted the highest growth rate. Vietnam’s cephalopod exports to China and Hong Kong amounted to US$37.8 million, up 145.6% over the same period in 2016. Of that, shipments to Hong Kong reached US$6.3 million, up 25.3%.

The U.S ranked the 6^th in top importers of Vietnam cephalopod. Although Vietnam exports of shrimp and pangasius to the U.S decreased, those of cephalopod were up 93.7% to reach US$8.8 million as of November 2017.

In the coming time, production of cephalopod in the world is forecasted to remain low, leading to a rise in the price of this item. Vietnam’s cephalopod exports of in 2017 expected to total US$655 million, up 49% compared with 2016.