Vietnam’s cephalopod exports to Korea increase by 8% in August 2023

In August 2023, cephalopod export turnover reached the highest level since the beginning of the year, the decline compared to the same period last year also gradually narrowed.

In the structure of exported cephalopod products, squid accounts for 57%, the remaining octopus accounts for 43%. In the first 8 months of 2023, squid export value decreased by 14%, octopus export decreased by 15% compared to the same period in 2022. Among the exported cephalopod products, processed octopus products (HS code 16) are the least downward trend with a decrease of 4% reaching 33 million USD. Other processed squid (HS 16) decreased the most by 20%, reaching 19 million USD.

Vietnam's top 7 largest cephalopod import markets include Korea, Japan, Thailand, China &HK, Italy, USA, Malaysia. Among them, in August this year, exports to Korea, China & HK, and the US recorded positive growth after many previous months of continuous negative growth.

Cephalopod exports to the Korean market in August this year recorded the first positive growth after 5 consecutive months of negative growth

Cephalopod exports to the Korean market in August this year recorded the first positive growth after 5 consecutive months of negative growth. In August 2023, exports of this product to Korea increased by 8% to reach 26 million USD. In the first 8 months of this year, the export value of cephalopod to this market reached 149 million USD, down 15% compared to the same period last year.

Cephalopod exports to China & Hong Kong markets in August 2023 increased by 16% to reach 8 million USD. In the first 8 months of this year, exports to this market reached 42 million USD, down 18%.

In particular, exports to the US market recorded the highest positive growth of 25% in August this year, reaching nearly 2 million USD. In the first 8 months of this year, exports to this market reached 12 million USD, down 33% over the same period last year.

After Japan's discharge of treated nuclear wastewater on August 24, Japanese consumers may prefer imported seafood products. The Chinese and Korean markets will also reduce seafood imports from Japan.

In an effort to mobilize the EU to remove the IUU yellow card for Vietnam, before the IUU Inspection Team entered Vietnam to conduct the 4th inspection, the working group of the Ministry of Agriculture and Rural Development led by Minister Le Minh Hoan visited and Working with European Commission agencies in Brussels, Belgium on September 18. Minister Le Minh Hoan affirmed Vietnam's political determination with its best efforts to best resolve DG MARE's recommendations on repelling and ending IUU fishing, towards a sustainable development. The EU side also wants to support Vietnam to become a world model in sustainable development of the fisheries industry and combating IUU fishing.

Before the above events, Vietnam's cephalopod exports in the following months are expected to gradually narrow the decrease, possibly recording a slight growth compared to the same period last year in the last quarter of this year.

In early 2023, cephalopod exporters face many challenges such as rising inflation, falling market demand, and lack of raw material supply for processing. In order for  cephalopod export activities in the last months of the year to stop decreasing and recover, export businesses want to access preferential policies on production capital, develop seaport infrastructure, and flexibility in importing raw materials to serve production needs.

Compiled by Thuy Linh