Following the growth momentum in 2017 and the first month of 2018, Vietnam’s cephalopod exports in February 2018 rose by 18.8% to hit US$26.7 million. The figure in the first two months of 2018 was over US$78 million, up 24.7% over the same period of 2017.
In the period, Vietnam exported cephalopod to 38 markets, in which the export value to the top leading markets all grew well over the same period in 2017 except for the EU (-9.1%).
The supply of raw materials in addition to the high demand in the major markets supported the growth of Vietnam’s cephalopod exports in the first two months of 2018.
Squid products continued to be the main export products of Vietnam in the first two months of 2018, accounting for 53.6% of total export value, while octopus products accounted for 46.4%. Of that, exports of dried/salted/fresh/frozen octopus (HS code 03) accounted for the highest proportion of 35.2%; followed by fresh/live/frozen squid (HS code 03) with 31.7%.
In the period, the export value of processed octopus (HS code 16) increased by 77%; followed by dried/grilled squid (HS code 03) with the rise of 49% and dried/salted/live/fresh/frozen octopus (HS code 03) with 29%; while that of other processed squid (HS code 16) decreased by 19% over the same period in 2017.
In the first two months of 2018, Vietnam exported squid cephalopod to 38 markets. In particular, the total export value to top 9 major markets accounted for 98.2% of the total export value of Vietnam cephalopod.
South Korea: Exports to South Korea still remained the growth momentum from 2017. Exports of cephalopod to South Korea in February 2018 reached US$8.7 million, up 7.8% over the same period in 2017. The figure in Jan-Feb 2018 amounted to US$27.8 million, up 20.4% year on year. South Korea held as the biggest importer of Vietnam cephalopod, occupying over 35.6% of the total export value of Vietnam cephalopod to markets.
Japan: In 2017, Vietnam’s cephalopod exports to Japan recorded the good growth in each month. In February this year, exports to the market grew by 32% to hit US$7.1 million. The figure in the first two months of this year estimated at US$19.9 million, up 26% over the same period in 2017. Japan ranked the second in top leading buyers of Vietnam cephalopod, accounting for 25.5%. The recovery of Japan’s economy and a rise in the yen facilitated Vietnam’s cephalopod exports of to this market.
EU: In February 2018, the EU regained its third rank after standing at the fourth position in January 2018. Vietnam’s cephalopod exports to EU in February 2018 valued at US$4.7 million, up 47.7% compared with February 2017. However, the figure in the first two months of this year fell by 9% to eye US$10.9 million due to the impact of the EU’s “yellow card” warming against Vietnam seafood. Italy, France and Spain continued to be top three largest importing markets of Vietnam cephalopod in the EU. Exports to France and Spain inched up 6.9% and 104%, respectively, while exports to Italy decreased by 12.5%.
ASEAN: In February 2018, Vietnam’s cephalopod exports to ASEAN reached US$2.6 million, down 26.5% over February 2017. However, thanks to the strong growth in January, exports to this market in the first two months of this year went up 38.3% to total US$9.7 million. Thailand and Malaysia were the two major importers of Vietnam cephalopod in ASEAN. Vietnam’s cephalopod exports to Thailand in the first two months of 2018 were worth by US$7.7 million, up nearly 31.3%.
China: China was the most important seafood importer of Vietnam in 2017 with the strong growth in all seafood products including cephalopod. In 2018, Vietnam’s cephalopod exports to China still kept the positive growth momentum. In the first two months of this year, cephalopod sales to this market hit US$5.3 million, up 141.4% over the same period last year.
China claimed as the fifth largest buyer of Vietnam cephalopod, accounting for 6.8% of Vietnam’s total exports of the items to markets. Exports to the country registered the highest growth rate among major markets for cephalopod from Vietnam in the period. Chinese customers increasingly preferred Vietnam cephalopod. The demand for octopus in China is rising in restaurants and in households. In addition, a rise in tourist arrivals also boosted demand for this item in China.
China expected to continue as an important and potential market for Vietnam’s cephalopod enterprises in the coming time, when exports to mainstream markets face difficulties.
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