Vietnam finding ways to export more cephalopod to South Korea

News 17:55 12/09/2014 502
(vasep.com.vn) South Korea is the largest importer of Vietnam cephalopod, making up 29.6 percent of Vietnam’s total export value of the item.

However, cephalopod exports to the market through September 2013 were down 14.4 percent on par with the same time of 2012 due to short supply of domestic raw materials and low demand from the Korean market.

In QII/2013, some Vietnam cephalopod exporters encounter difficulties in Korean market because Vietnam’s export price is less competitive than that offered by suppliers from China, Mauritania, Malaysia, Indonesia. However, up to August 2013, Vietnam’s cephalopod exports to Korea ranked after China and Thailand. 

Until August 2013, cephalopod was one of three main seafood products imported by South Korea after finfish and shrimp. Cephalopod in shelled or not, dried, salted or in brine, smoked (HS code 030749) made up 85 percent. In the first half of this year, monthly growth of these items imported into the country sharply increased by 8-25 percent. Imports from China reported the sharpest advance of 12-143 percent and Vietnam reported 9-24 percent rise.

According to Korea Customs Service, Korean seafood production was 3.18 million MT in 2012, down 2.2 percent from 2011. The country is in high demand for seafood imports due to chronic fish shortage. To cope with this situation, the Korean government worked hard to purchase fishing quotas from other countries as well as improving aquaculture activities to produce more fish for consumption.

Under the FTA between South Korea and ASEAN, Vietnamese enterprises are already enjoying preferential tax rates for exporting goods to the market. Tariffs on highly sensitive products like seafood shipped to South Korea will be cut to 20-50 percent on January 1, 2016.

Cephalopod imports (HS code 030749) into South Korea, Jan-Aug 2013

 

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

 Compared to Aug 2012 (%)

The world

7,741

4,195

7,985

7,129

6,848

7,543

9,422

7,592

15

Chile

1,683

986

2,594

2,101

2,281

3,221

3,589

2,732

58

Vietnam

3,655

1,543

3,650

3,279

2,918

2,726

3,372

2,616

-6

Peru

1,712

703

1,018

1,157

929

788

1,153

856

-34

Argentina

0

0

0

0

0

88

652

759

1,123

Thailand

409

429

328

347

269

383

240

283

44

China

190

119

102

173

258

175

217

145

27

Malaysia

53

200

180

26

64

118

94

106

-20

Source: Korean Customs (US$thousand)

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