Vietnam squid and octopus exports to Korea increased by 16% in the first four months of 2022
MEKSEA.COM – In the first quarter of the year, Vietnam’s squid and octopus exports to South Korea increased by 16% over the same period in 2021, reaching 55 million USD. Specialty, octopus accounted for about 80% of the proportion.
Currently, Korea is the leading import market of Vietnam’s squid and octopus, accounting for 35% of the total export value of these two items. In which, octopus exported to Korea accounted for 77.2% (mainly frozen octopus products) and squid accounted for 22.8%. The 0% tariff preference has promoted Vietnam’s fresh and frozen octopus products to the Korean market increasing 12% in the first quarter of this year.
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Korea mainly imports Vietnam squid products from Vietnam such as dried skin-off squid, frozen processed squid, frozen sushi squid, raw cuttlefish whole round cleaned, frozen Matsukawa squid, etc.
According to data from the World Trade Center (ITC), in the first 2 months of 2022, Korea’s squid and octopus imports decreased by 12%, reaching 127 million USD. Vietnam is the second-largest squid and octopus supplier in Korea. Frozen octopus is the most imported product to Korea, accounting for 39% of the total import value of squid and octopus into this market.
Read more: Vietnam’s squid and octopus increased by 35% in the first quarter of 2022
Moreover, Vietnam is the largest frozen octopus supplier (HS 030752) in Korea, with 43% of the market share. Frozen squid (HS 030743) is the second most imported product of Korea, Vietnam ranks third, accounting for 16% of the market share.
The average export price of Vietnam’s octopus products to South Korea in the first quarter of 2022 ranged from 7-7.4 USD/kg, up from 6.5-6.9 USD/kg in the same period in 2021. The average export price of Vietnam’s squid products ranged from 9.8 – 10.6 USD/kg, up from 8 – 9.5 USD/kg in the same period of 2021. This is considered one of the factors maintaining the growth momentum of Vietnam’s squid and octopus exports to Korea in the first quarter of this year.
In the first quarter of 2022, Vietnam’s total octopus exports reached 156 million USD, up 35% over the same period in 2021. In which, squid accounted for 54.6%, and octopus accounted for 45.4%. In the first quarter of this year, the export value of squid increased by 40%, while octopus increased by 29% over the same period in 2021. Import demand for processed squid and octopus products also tended to increase strongly in the first quarter of this year.
The largest importers of squid and octopus in the first quarter of 2022 of Vietnam are Korea, Japan, China & Hong Kong, Thailand, EU, Malaysia, Taiwan, and Israel, respectively. These markets account for 98.4% of Vietnam’s total octopus export value.
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By Hayati (Meksea Team)
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