China sharply increased imports of cephalopod from Vietnam in January 2024

Published 2024년 3월 8일

Tridge summary

Vietnam's cephalopod exports, including squid and cuttlefish, have seen a surge, particularly to South Korea and China, due to increased scrutiny and bans on Japanese seafood following Japan's nuclear waste water discharge. However, exports to the EU have declined due to new regulations and the IUU yellow card. Despite geopolitical conflicts and rising production costs, Vietnam's cephalopod exports are projected to reach approximately 700 million USD in 2024, marking a 6% increase from 2023.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

In the structure of exported cephalopod, squid and cuttlefish account for 57% of export value, reaching 35 million USD; Octopus accounted for 43% reaching 27 million USD. Cephalopod exports to the largest import market, South Korea, increased by 67% to 26 million USD. Japan's nuclear waste water discharge reduced Korea's demand for seafood imports from Japan. Korea did not issue a ban on importing seafood from Japan but increased inspection of goods from Japan. Besides, China is the largest supplier of cephalopod to Korea. China's ban on seafood imports from Japan also caused the supply of cephalopod from China to markets such as Korea to decrease due to a shortage of processing materials. It is expected that Vietnam's cephalopod exports to Korea will continue to grow positively in the first quarter of 2024 when the ban on importing Japanese seafood into China has not yet been lifted. According to data from the World Trade Center (ITC), in January this year, Korea's imports of ...
Source: Vasep

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