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Squid and octopus exports are expected to decrease by 2% in the first quarter of 2024 

 Wednesday, April 17,2024

AsemconnectVietnam - Squid and octopus exports in the first quarter of 2024 are expected to reach about 136 million USD, down 2% over the same period last year.

According to data from General Department of Customs, as of March 15, 2024, Vietnam's squid and octopus exports reached more than 109 million USD, a slight decrease of 3% compared to the same period in 2023. It is expected that, overall, in the beginning quarter of the year, squid and octopus exports reached about 136 million USD, down 2% over the same period last year.
According to Vietnam Association of Seafood Exporters and Producers, Korea is still Vietnam's largest squid and octopus import market for many years. As of March 15, 2024, Vietnam's squid and octopus exports to Korea reached nearly 46 million USD, up 15% over the same period last year. Korea accounts for 42% of Vietnam's squid and octopus exports.
Japan's nuclear waste water discharge had an impact, reducing Korea's demand for seafood imports from Japan. Korea did not issue a ban on importing seafood from Japan but increased inspection of imported goods from this country.
It is expected that Vietnam's squid and octopus exports to Korea will continue to grow positively in the coming time as a ban on importing Japanese seafood into China has not yet been lifted.
Japan is Vietnam's second largest import market for squid and octopus, accounting for 26%. Exporting squid and octopus to Japan has not yet been able to escape the negative growth trend.
As of March 15, 2024, exports of this product to Japan reached 25 million USD, down 16% over the same period. Nuclear waste water discharge had a negative impact on Japan's overall seafood import and export, causing Japan's imports of squid and octopus from Vietnam to decline significantly.
China and Hong Kong (China) are the third largest import markets for squid and octopus of Vietnam. As of March 15, 2024, exports to this market reached 11 million USD, up 32% over the same period last year. China's ban on seafood imports from Japan after Japan's nuclear waste water discharge into the sea has caused China to increase imports from other sources, including Vietnam.

Source: Vitic/ congthuong.vn
 

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