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Vietnam's seafood exports to the Korean market increased by 51% after 10 years 

 Tuesday, February 20,2024

AsemconnectVietnam - After 10 years (from 2013 - 2023), Vietnam's seafood exports to Korean market increased from 521 million USD to 787 million USD, an increase of 51%.

Korea is Vietnam's largest import market for squid and octopus
After 2015, when the Vietnam - Korea Free Trade Agreement (VKFTA) took effect, Vietnamese seafood exports to Korea increased from 585 million USD in 2015 to 787 million USD in 2023, an increase of 35%.
Seafood products exported to Korea all recorded growth: shrimp increased by 37%, squid and octopus increased by 51%, and other fish (except tuna and pangasius) increased by 4%.
Export turnover of tuna and other mollusks increased sharply by 3 digits, but these products only accounted for a small proportion and export of bivalve mollusks decreased slightly.
Previously, in 2012 and 2013, seafood exports to this market recorded a lower value than in 2015. Thus, after 10 years (from 2013 - 2023), Vietnam's seafood exports to Korean market increased from 521 million USD to 787 million USD, an increase of 51%.
According to Vietnam Association of Seafood Exporters and Producers (VASEP), VKFTA Agreement being signed and came into effect from the end of 2015 is an important tool to help two countries implementing their economic trade development strategy. The agreement has a positive impact on Vietnam's main export products to Korea, including seafood.
In structure of Vietnam's seafood products exported to Korea in 2023, shrimp accounts for the highest proportion of 43.6%, followed by squid and octopus accounting for 31.4%. Other types of fish (except pangasius and tuna) have the third largest export turnover to Korea, accounting for 20.8%.
The remaining items accounting for a small proportion to Korea are tuna, pangasius, crabs and other crustaceans, bivalve molluscs and other mollusks (accounting for from 0.3% to 2.2%).
Korea is Vietnam's largest import market for squid and octopus, accounting for 37% of total export value. Meanwhile, Vietnam ranks second in supplying squid and octopus to Korea, after China. Vietnam accounts for 22% of total value of squid and octopus imports into Korea. In 2023, squid and octopus exports to Korea will reach more than 247 million USD, down 8% compared to 2022.
In 2023, Korea increased imports of live/fresh/frozen squid from Vietnam by 4%. Korea mainly imports from Vietnam frozen octopus, frozen cut octopus, frozen cleaned whole octopus, skinned dried squid, frozen button squid...
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.
Positive market growth forecast
In 2023, Korea's seafood imports decreased because the economy faced many difficulties and domestic demand decreases. According to statistics from the Korean Customs agency, in 2023, Korea's seafood import reached 1.341 million tons, worth 5.928 billion USD, down 15.9% in volume and 8.4% in value compared to the previous year.
Among the 10 largest seafood supply markets in 2023, Korea increased seafood imports from China, Peru, and Chile, while decreasing imports from Russia, Vietnam, Norway, and Japan.
In 2024, Korea's seafood imports are likely to increase again when the Korean economy is forecast to recover. The Central Bank of Korea (BOK) forecasts that the country's economic growth will reach 2.1% in 2024, up from 1.4% in 2023.
The change in seafood consumption trends in Korea following the trend of reducing consumer spending is an opportunity for Vietnamese seafood to promote export of aquatic products at reasonable prices.
Like Japan, exporting to Korea has the advantage of close geographical location, stable consumption demand and is destination of many businesses in the near future in the context of inflation causing consumption to decline sharply in other markets.
While Red Sea tensions caused shipping rates to the US and Europe to skyrocket, closer markets such as Korea are also of interest to many businesses.
To be able to "speed up" exporting seafood products to Korean market, as well as conquer consumers in this market, products need to ensure quality and flavor; There is stability in production, processing and circulation; ensure food safety and hygiene, safety in processing and circulation; grasp and understand needs and tastes of consumers.

Source: Vitic/


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