The bright picture of Vietnam’s processed cephalopods to Korea
MEKSEA.COM – Up to now, Korea is still the largest import market of Vietnam’s processed cephalopods. Which accounts for 41% of the total export value.
After being affected by the 4th outbreak of covid, currently, Vietnam’s seafood exports already gradually recovered. By October 2021, the export of cephalopods to Korea increased by 16%. Accumulated in the first 10 months of this year, Vietnam’s cephalopods exports to Korea reached $194.5 million. Which is up 3% over the same period last year.
In the first 10 months of 2021, Vietnam’s cephalopods exports to Korea reached $194.5 million. (photo: Meksea)
According to statistics of Vietnam Customs, octopus is Vietnam’s key seafood product export to Korea in the first half of this year. In which, frozen octopus products account for 80% of the total export value. These products also enjoy 0% tariff preferences when exported to the Korean market. In the context of the current covid-19 epidemic, Korea tends to import more processed squid and octopus products than fresh/frozen octopus products.
Korea mainly imports from Vietnam dried skinned squid, frozen processed squid, frozen sushi squid, cleaned frozen cuttlefish fillet, frozen matsukasa squid, and cleaned whole frozen octopus, frozen cut octopus, frozen processed octopus and so on.
In the first 9 months of this year, the total of Korea’s imports of cephalopods from other countries reached 159.4 thousand tons. Which is worth $700.8 million, up 4.8% in volume over the same period last year. Vietnam ranks second in terms of supplying squid and octopus to South Korea, after China.
It can be seen that the demand for squid and octopus in Korea is very large. It is predicted that it may increase further in the coming months for the demand for year-end holidays and the New Year 2022. This is both an opportunity and a challenge for Vietnam during this time while preventing the covid-19 epidemic and resuming production.
Thanks to effective epidemic prevention and control, most of Vietnam’s seafood export enterprises have restored production. This is a good sign for Vietnam’s seafood industry in the last months of 2021.
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By Hayati (Meksea Team)
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