Image: Vasep / FIS

Strong Growth in Chinese Imports of Vietnamese Squid and Octopus in January

Vietnam's squid and octopus exports in the first month of this year reached 62 million USD, up 45% over the same period last year. Except for the same time last year, which fell during the Lunar New Year, the growth in squid and octopus exports in the first month of this year is also a good signal to start the export of the whole year.

In the structure of exported squid and octopus products, squid accounts for 57% of the proportion, reaching 35 million USD; Octopus accounted for 43% reaching 27 million USD.

Source: Stockfile FIS

Exports of squid and octopus to the largest import market, Korea, increased by 67% to 26 million USD. Japan's nuclear waste water discharge had an impact, reducing Korea's demand for seafood imports from Japan. Korea did not issue a ban on importing seafood from Japan but increased inspection of goods from Japan. Besides, China is the largest supplier of squid and octopus to Korea. China's ban on seafood imports from Japan also caused the supply of squid and octopus from China to markets such as Korea to decline due to a shortage of processing materials. It is expected that Vietnam's squid and octopus exports to Korea will continue to grow positively in the first quarter of 2024 when the ban on importing Japanese seafood into China has not yet been lifted.

Source: Stockfile FIS -->

According to data from the International Trade Center (ITC), in January this year, Korea's imports of squid and octopus from supply sources also recorded an increase of 5%, reaching 91 million USD. Vietnam is the second largest supplier of squid and octopus to Korea, after China.

Squid and octopus exports to Japan (Vietnam's second largest squid and octopus import market) recorded lower growth than the Korean market, up 19% to 13 million USD. The nuclear waste water discharge has a negative impact on Japan's overall seafood import and export. After the nuclear waste discharge, Japan's imports of squid and octopus from Vietnam decreased significantly.

<-- Source: Stockfile FIS

China & HK are Vietnam's third largest squid and octopus import markets. Exports of squid and octopus to this market in January this year grew impressively by 3 digits with 151% reaching 7 million USD. China's ban on seafood imports from Japan after Japan's nuclear waste water discharge into the sea has caused China to increase imports from other sources, including Vietnam. In addition, this market increased imports of squid and octopus from Vietnam in January this year to serve the consumption needs of the Lunar New Year.

Contrary to the trend of export growth to other markets, Vietnam's squid and octopus exports to the EU in January this year still could not escape negative growth. The EU is also the only market among the main markets importing Vietnam's squid and octopus, recording negative growth. Vietnamese squid and octopus exports to this market decreased by 17% to nearly 4 million USD in the first month of this year. Exporting squid and octopus to the EU is still affected by the IUU yellow card, many new regulations, procedures for making certification and certification for export to this market are still inadequate, and people tend to tighten their spending. due to inflation.

Source: Vasep

Squid and octopus exporters continue to face many difficulties in raw material sources, increased input costs for production, and weak consumer demand. Geopolitical conflicts in the world and Red Sea tensions continue to be challenges for Vietnam's squid and octopus exports in 2024. The world economy has bottomed out with expectations of recovery this year, Vietnam's squid and octopus exports in 2024 are expected to reach about 700 million USD, an increase of 6% compared to 2023.

Author: Kim Thu | Vasep (Translated from the original in Vietnamese)

[email protected]
www.seafood.media

Country:	United Nations
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