Vietnam: Squid and octopus exports decline slightly by 2% in Q1

Published 2024년 4월 10일

Tridge summary

The Republic of Korea (RoK) has emerged as the largest consumer of Vietnamese squid and octopus, with purchases nearing US$46 million by mid-March, a 15% increase from the previous year, accounting for 42% of Vietnam's exports in this category. This growth is anticipated to continue due to a decline in seafood imports from Japan to the RoK, following Japan's nuclear wastewater discharge. Conversely, Japan, previously the second largest importer, experienced a 16% decrease in imports, totaling US$25 million. Meanwhile, exports to China and Hong Kong have seen a significant rise of 32%, reaching US$11 million, with these markets primarily importing various forms of squid and octopus.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The Republic of Korea (RoK) remains the largest consumer of Vietnamese squid and octopus, with turnover reaching nearly US$46 million as of mid-March, representing an increase of 15% on-year and accounting for 42% of the country’s squid and octopus exports. According to information provided by the VASEP, Japan's nuclear wastewater discharge has reduced the RoK's demand for seafood imports from the Far East nation. Vietnamese squid and octopus exports to the RoK are therefore anticipated to continue to grow positively moving forward as the ban on importing Japanese seafood into China has yet to be lifted. Furthermore, Japan is the second largest importer of Vietnamese squid and octopus, accounting for 26%. As of mid-March, the export of these products to this market dropped by 16% to US$25 million against the same period from last year. China and Hong Kong (China) are the country’s third largest export markets with exports to this market surging by 32% to US$11 million against the ...

Source: WTOCenter