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Zhejiang Zhoushan International Agricultural Products Trade Center

Squid and cuttlefish imports increased significantly in October, while exports continued to decline

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Tuesday, November 28, 2023, 07:00 (GMT + 9)

According to data from the General Administration of Customs, Chinese imports of squid and cuttlefish increased significantly in October, but exports continued a downward trend and consumption of squid and cuttlefish products in the domestic market gradually increased.

October trade data

A total of 34,800 tons of squid and cuttlefish products were imported in October, worth 810 million yuan, an increase of 54.88% and 69.40% respectively from the 22,500 tons and 478 million yuan in the same period last year. Compared with September, imports in October also increased significantly, with import volume and import value increasing by 12.58% and 12.66% respectively.

As the holidays approach, domestic consumer market demand increases, and more squid and cuttlefish products enter the Chinese market.

Import data for squid and cuttlefish from January to October 2023 (click image to enlarge it)

In terms of exports, the downward trend in previous months continued. In October, export volume fell by 15.08% to 36,400 tons, and export value fell by 23.08% to 1.646 billion yuan.

Compared with September, the export of squid and cuttlefish also dropped significantly, with export volume decreasing by 6.30% month-on-month and export value decreasing by 11.01% month-on-month.

Squid and cuttlefish export data from January to October 2023 (click image to enlarge it)

Trade data from January to October

In the first 10 months of this year, my country has imported a total of 387,400 tons of squid and cuttlefish, worth 7.768 billion yuan, an increase of 44.26% and 52.59% respectively compared with the same period last year. This is mainly due to the increase in production of Southeast Pacific squid, China's main imported squid product type, and also indicates an increase in squid prices.

The total export volume of squid and cuttlefish from January to October was 410,600 tons, a year-on-year decrease of 15.08%; the total export volume was 20.178 billion, a year-on-year decrease of 21.71%.

As the New Year holiday approaches, the demand for squid in the domestic market increases. This year, imports are expected to increase and exports will decrease.

Product structure

China is the main squid and cuttlefish processing country. It can be seen from the product structure that my country mainly imports frozen cuttlefish and squid (accounting for 89% of the import value), and exports mainly made or preserved squid and cuttlefish products (accounting for 48% of the export value), frozen squid and cuttlefish (accounting for 48% of the export value) 50% of export volume).

Main market

In terms of the import market, in terms of value, the largest source of squid and cuttlefish products in October was Indonesia, which imported a total of 8003.90 tons worth 258.3025 million yuan; followed by Peru, with an import volume and import value of 5220.99 tons and 96.7878 million yuan respectively; India Ranked third, with an import volume of 5724.77 tons and an import value of 92.2692 million yuan.

In terms of export value, Thailand, Japan and South Korea are the main export destinations of squid and cuttlefish products in October. Thailand purchased a total of 3,651.74 tons of squid and cuttlefish, worth 258.8596 million yuan. The products exported to Thailand were mainly prepared or preserved cuttlefish and squid.

In terms of quantity, Japan ranks first with an import volume of 6,819.70 tons, but the import value is only 258.8596 million yuan. The products exported to Japan are mainly prepared or preserved cuttlefish and squid, and other frozen cuttlefish and squid.

Products imported from South Korea mainly include prepared or preserved cuttlefish and squid, and other frozen cuttlefish and squid. The import volume was 4554.88 tons, and the export value was 181.7088 million yuan.

Source: Zhejiang Zhoushan International Agricultural Products Trade Center (translated from original in cihnese)

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