South Korea was also the largest buyer of Vietnam octopus, picking up 59.2% of Vietnam’s octopus exports and was the second largest buyer of Vietnam squid, making up 16.5% of Vietnam’s squid exports.
In 2017, Vietnam’s cephalopod exports to South Korea witnessed the rises from QI to QIV and reached the highest export value in QIV.
In the months of 2017, despite a decrease in January, exports to the market reported the double digit growth from February to October, then slowed down in November and December.
Koreans have high demand for cephalopod, especially dried items. South Korea's cephalopod imports has been on the increase in demand for healthy foods.
According to the ITC data, in the first 11 months of 2017, cephalopod imports into Korea fell by 51.4% to nearly US$274 million. China was the largest suppliers to South Korea; Peru and Vietnam ranked the second and third respectively.
In Jan-Nov 2017, 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 32.6%; 9.5% and 26.8%, respectively; while those of squid (HS code 030749) and frozen/dried/salted and octopus (HS code 030759) decreased by 72.8% and 98.8%, respectively.
South Korea consumes more octopus than squid, of which fresh/live/chilled octopus accounts for the highest proportion of total cephalopod into South Korea.
Exports of fresh/frozen octopus took the largest share in Vietnam's cephalopod shipments to South Korea; followed by dried squid and fresh/frozen squid.
For fresh/frozen octopus, compared to China, Vietnam has the advantage of more competitive prices (this item from Vietnam quoted at US$8/kg while that from China was US$14/kg). In addition, frozen octopus from Vietnam, Thailand, was subject to the tax of 0%, while that from China was 20% and from Mauritania was 5.71%.
Cephalopod imports into South Korea by markets (Source: ITC, ThousandUS$) |
|||
Suppliers |
Jan-Nov 2016 |
Jan-Nov 2017 |
Variation (%) |
World |
563,520 |
273,854 |
-51.4 |
China |
253,805 |
166,281 |
-34.5 |
Vietnam |
129,237 |
31,460 |
-75.7 |
Peru |
64,517 |
62,796 |
-2.7 |
Thailand |
34,518 |
9,978 |
-71.1 |
Philippines |
4,794 |
1,818 |
-62.1 |
Japan |
595 |
396 |
-33.4 |
Chile |
29,918 |
710 |
-97.6 |
Cephalopod imports into South Korea by products (Source: ITC, ThousandUS$) |
||||
HS |
Products |
Jan-Nov 2016 |
Jan-Nov 2017 |
Variation (%) |
Total |
563,520 |
273,854 |
-51.4 |
|
030751 |
Fresh/live/chilled octopus |
85,343 |
113,180 |
32.6 |
160554 |
Processed squid |
90,146 |
98,691 |
9.5 |
160555 |
Processed octopus |
26,921 |
34,125 |
26.8 |
030749 |
Cuttlefish and squid |
91,116 |
24,745 |
-72.8 |
030759 |
Frozen/dried/salted octopus |
269,988 |
3,113 |
-98.8 |
030741 |
Fresh/live/chilled squid |
6 |
- |
-100.0 |
Having identified its weakness in 2023, entering the first quarter of 2024, Vietnam's shrimp industry has undergone a clear change, reflected through increases in exports to major markets.
It is necessary to develop more detailed and consistent regulations on seafood production for export in line with the implementation of solutions towards sustainable and responsible fishing practices.
(seafood.vasep.com.vn) After increasing to the highest level in 2022, Canada's tuna imports in 2023 dropped to the lowest level in the past 10 years, reaching 35 thousand tons, down 24% over the year. Canada is currently one of the 15 largest tuna import markets in the world.
(seafood.vasep.com.vn) Chile, one of the countries participating in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), has tended to increase tuna imports from Vietnam in the past 3 years. According to statistics from Vietnam Customs, this South American country imported nearly 3 million USD of tuna products from Vietnam in the first 2 months of 2024, an increase of 58% over the same period in 2023.
Economic and social development activities, overexploitation, pollution, diseases, and climate change have adversely affected the ecological environment, leading to a severe decline or the extinction of many precious indigenous aquatic species.
(seafood.vasep.com.vn) The prices of pangasius fingerlings and raw pangasius in ponds fell in March, following steady increases in the first two months of this year.
(seafood.vasep.com.vn) In February 2024, the average export price of Vietnamese pangasius to markets increased by 4%, although the volume decreased by 40% compared to the previous month.
(seafood.vasep.com.vn) There was a 6% decline in Vietnam's pangasius exports to Brazil in February 2024 compared to the same period in 2023, with the total value reaching 6 million USD.
(vasep.com.vn) In the first two months of 2024, Poland—which ranks as Vietnam's fourth-largest EU supplier of tuna—became a noteworthy market. Vietnam's tuna exports value to Poland increased by 786% in comparison to the same period last year, totaling over $2 million USD and contributing about 2% of the country's overall tuna exports revenue.
Regulations on the protection and sustainable development of aquatic resources, Việt Nam's legitimate rights at sea in accordance with international law and the achievements that the country has carved out to remove the European Union’s “yellow card” will be brought closer to local people.
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