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Vietnam cephalopod exports reached 660 million USD in 2023 

 Wednesday, February 14,2024

AsemconnectVietnam - In 2023, Vietnam's cephalopod exports reached 660 million USD, down 13% compared to 2022. Despite of negative growth, cephalopod exports recorded a slighter decrease compared to other key export seafood products.

Regarding exported cephalopod products, squid and cuttlefish accounted for 55.4%, the remaining is octopus. Squid and cuttlefish export value reached 365 million USD, down 14% while octopus exports reached 295 million USD, down 12% compared to 2022. Among exported squid products, dried/baked/frozen squid export value (HS code 03) experienced a slighter decrease compared to processed squid products (HS code 16).
Korea is still the largest importer of Vietnam’s cephalopod, accounting for 37%. Exports of cephalopod to this market from August 2023 to the end of the year recorded positive growth or only a slight decrease.
South Korea increased the import demand for Vietnam’s cephalopod while reducing imports from other suppliers such as Japan and China. In 2023, exports of Vietnamese cephalopod to Korea reached 247 million USD, down 8% compared to 2022.
Japan is the second largest importer of Vietnam’s cephalopod, accounting for 23% of Vietnam's total cephalopod exports. Vietnam's cephalopod exports to this market tended to decrease sharply in the last months of 2023. In 2023, Vietnamese cephalopod exports to this market reached 152 million USD, down 11% compared to 2022. China's import ban on Japanese seafood also contributed to reducing Japan's import demand for cephalopod.
Exports of Vietnam’s cephalopod to China & HK in 2023 reached 77 million USD, down 6% compared to 2022. Cephalopod exports to the market tended to grow well from August 2023. China's ban on seafood imports from Japan following Japan's discharge of nuclear wastewater into the sea has prompted China to increase imports from other sources, including Vietnam. In addition, the increased demand for cephalopod in China in the year-end period also leads to increased imports from Vietnam.
Source: Vasep

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