| Exporting squid and octopus: Bright spot from the Japanese market Which market imports the most squid and octopus from Vietnam? |
According to the Vietnam Association of Seafood Exporters and Producers, in 2023, Vietnam's squid and octopus exports will reach 660 million USD, down 13% compared to 2022.
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| South Korea is still the largest import market for squid and octopus from Vietnam. |
Although not yet escaping negative growth, squid and octopus exports recorded a milder decrease than other key seafood export products.
In the structure of exported squid and octopus products; squid accounts for 55.4% and the rest is octopus. The export value of squid reached 365 million USD, down 14% while the export value of octopus reached 295 million USD, down 12% compared to 2022.
Among exported squid products, the export value of dried, grilled or frozen squid (HS code 03) decreased slightly compared to the export value of processed squid products (HS code 16).
South Korea remains Vietnam's largest import market for squid and octopus, accounting for 37%. Squid and octopus exports to this market from August 2023 to the end of the year recorded positive growth or only a slight decrease.
South Korea increased its demand for squid and octopus exports from Vietnam while this market reduced imports from other sources such as Japan and China. In 2023, Vietnam's squid and octopus exports to South Korea reached 247 million USD, down 8% compared to 2022.
Japan is the second largest import market for squid and octopus from Vietnam, accounting for 23% of Vietnam's total squid and octopus exports. Vietnam's squid and octopus exports to this market tend to decrease sharply in the last months of 2023.
In 2023, Vietnam's squid and octopus exports to this market will reach 152 million USD, down 11% compared to 2022. China's import ban on Japanese seafood also contributed to reducing Japan's demand for squid and octopus imports.
Vietnam's squid and octopus exports to China and Hong Kong (China) in 2023 reached 77 million USD, down 6% compared to 2022. Squid and octopus exports to the market tend to grow well from August 2023.
China's ban on seafood imports from Japan following Japan's nuclear waste discharge into the sea has prompted China to increase imports from other sources, including Vietnam.
In addition, the increased demand for squid and octopus in China at the end of the year also caused importers in this country to increase imports from Vietnam.
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