According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Korea is still Vietnam's largest market for squid and octopus, accounting for more than 40% of total export value. In the first 6 months of this year, squid and octopus exports to this market reached 114 million USD, up 13% over the same pAccording to the Vietnam Association of Seafood Exporters and Producers (VASEP), Korea is still Vietnam's largest market for squid and octopus, accounting for more than 40% of total export value. In the first 6 months of this year, squid and octopus exports to this market reached 114 million USD, up 13% over the same period. In the second quarter of 2024, squid and octopus exports to South Korea reached 58 million USD, up 13% over the same period in 2023.
Continuing growth momentum from 2023, in the first half of this year, squid and octopus exports to South Korea maintained positive growth. In 3 months of the second quarter of 2024, squid and octopus exports to this market grew positively, especially exports in May and June grew by double digits.
South Korea's demand for squid and octopus remained stable in the first half of this year. In addition, South Korea reduced imports from other sources such as Japan, China and Peru, so it increased imports from Vietnam.
Japan's nuclear wastewater discharge has reduced South Korea's demand for seafood imports from Japan. China's ban on seafood imports from Japan has also caused a decrease in the supply of squid and octopus from China to markets such as South Korea due to a shortage of raw materials for processing. It is expected that Vietnam's squid and octopus exports to Korea will continue to grow positively in the following months of 2024 when ban on Japanese seafood imports into China has not been lifted.
According to statistics from Vietnam Customs, octopus is Vietnam's main export product to the Korean market in the first half of 2024, accounting for 71.9%, squid accounting for 28.1%. Of which, the most are dried/salted/live/fresh/frozen octopus products, accounting for 68% of total export value of squid and octopus products. This product group increased by 18% while the processed octopus group (HS 16) decreased by 15%.
In the first two quarters of 2024, octopus exports to Korea grew more strongly than squid. Exports of processed squid and dried/grilled squid products increased by double digits while exports of fresh/frozen squid products decreased slightly by 4%.
Korea mainly imports from Vietnam frozen octopus, frozen cut octopus, frozen whole cleaned octopus, skinless dried squid, frozen button squid, etc.
Average export price of octopus to Korea is more stable than price of squid. In the second quarter of this year, average export price of squid from Vietnam to Korea tends to decrease.
According to data from International Trade Center (ITC), Korea's squid and octopus imports from other countries in the first 6 months of 2024 decreased by 3%, reaching 494 million USD. Vietnam ranked second in supplying squid and octopus to Korea, after China. China and Vietnam accounted for 46% and 24% of the total import value of squid and octopus to Korea, respectively.
In the first 6 months of 2024, among 3 main sources, squid and octopus imports from China and Vietnam increased while imports from Peru decreased sharply. In the first 6 months of this year, Korea's frozen octopus imports increased while frozen squid imports decreased.
In 2024, Korea's seafood imports are likely to increase again as the Korean economy is forecast to recover. By the end of 2024, the Korean currency is forecast to appreciate.
In Korea, demand for cooked, processed and preserved foods is increasing rapidly. This information could be a positive signal for Vietnam's squid and octopus exports to Korea in 2024.
Source: Vitic/ congthuong.vn
eriod. In the second quarter of 2024, squid and octopus exports to South Korea reached 58 million USD, up 13% over the same period in 2023.
Continuing growth momentum from 2023, in the first half of this year, squid and octopus exports to South Korea maintained positive growth. In 3 months of the second quarter of 2024, squid and octopus exports to this market grew positively, especially exports in May and June grew by double digits.
South Korea's demand for squid and octopus remained stable in the first half of this year. In addition, South Korea reduced imports from other sources such as Japan, China and Peru, so it increased imports from Vietnam.
Japan's nuclear wastewater discharge has reduced South Korea's demand for seafood imports from Japan. China's ban on seafood imports from Japan has also caused a decrease in the supply of squid and octopus from China to markets such as South Korea due to a shortage of raw materials for processing. It is expected that Vietnam's squid and octopus exports to Korea will continue to grow positively in the following months of 2024 when ban on Japanese seafood imports into China has not been lifted.
According to statistics from Vietnam Customs, octopus is Vietnam's main export product to the Korean market in the first half of 2024, accounting for 71.9%, squid accounting for 28.1%. Of which, the most are dried/salted/live/fresh/frozen octopus products, accounting for 68% of total export value of squid and octopus products. This product group increased by 18% while the processed octopus group (HS 16) decreased by 15%.
In the first two quarters of 2024, octopus exports to Korea grew more strongly than squid. Exports of processed squid and dried/grilled squid products increased by double digits while exports of fresh/frozen squid products decreased slightly by 4%.
Korea mainly imports from Vietnam frozen octopus, frozen cut octopus, frozen whole cleaned octopus, skinless dried squid, frozen button squid, etc.
Average export price of octopus to Korea is more stable than price of squid. In the second quarter of this year, average export price of squid from Vietnam to Korea tends to decrease.
According to data from International Trade Center (ITC), Korea's squid and octopus imports from other countries in the first 6 months of 2024 decreased by 3%, reaching 494 million USD. Vietnam ranked second in supplying squid and octopus to Korea, after China. China and Vietnam accounted for 46% and 24% of the total import value of squid and octopus to Korea, respectively.
In the first 6 months of 2024, among 3 main sources, squid and octopus imports from China and Vietnam increased while imports from Peru decreased sharply. In the first 6 months of this year, Korea's frozen octopus imports increased while frozen squid imports decreased.
In 2024, Korea's seafood imports are likely to increase again as the Korean economy is forecast to recover. By the end of 2024, the Korean currency is forecast to appreciate.
In Korea, demand for cooked, processed and preserved foods is increasing rapidly. This information could be a positive signal for Vietnam's squid and octopus exports to Korea in 2024.

Source: Vitic/ congthuong.vn