According to statistics from Vietnam Association of Seafood Exporters and Producers (VASEP), squid and octopus exports earned 406 million USD in the first 8 months of the year, down slightly by 3% compared to the same period last year.
Specifically, by the end of August, squid alone reached 221 million USD, down 7% and octopus earned more than 185 million USD, up 3%. Of which, only Chinese market increased its import of Vietnamese squid by 22%, while exports to other major markets all decreased.
In terms of markets, South Korea is the largest market importing squid and octopus from Vietnam with a turnover of 159 million USD, up 6.7% compared to the same period last year.
Ranked second is Japan with more than 93 million USD, down nearly 10% compared to the same period. China & Hong Kong (China) is the third largest market with 47 million USD, up 12% compared to the first 8 months of 2023.
In 2023, Vietnam's seafood exports will reach 8.97 billion USD, down 17.8% compared to 2022. Of which, Vietnam's squid and octopus exports will reach 660 million USD, down 13% compared to 2022. Although not yet out of negative growth, squid and octopus exports recorded a smaller decrease than other key seafood export products.
Export turnover of seafood in general and squid and octopus group in particular has somewhat decreased due to impact of inflation and global economic recession, reducing consumption demand from markets, along with the IUU yellow card that has not been removed.
Demand for squid and octopus in Korea remained stable in the first 8 months of 2024. In addition, Korea reduced imports from other sources such as Japan, China, and Peru, so it increased imports from Vietnam.
For Vietnam's largest market, Korea, this country mainly imports from Vietnam products such as skinless dried squid, frozen cleaned processed squid, frozen sushi squid, frozen cleaned cuttlefish fillets, frozen pine cone cuttlefish, frozen cleaned whole octopus, iced cuttlefish, frozen processed octopus, etc.
Currently, Vietnam enjoys a 0% export tax rate to Korea for fresh, live and frozen octopus products. Vietnamese enterprises have a great advantage when penetrating this market.

Source: Vitic/ congthuong.vn