South Korea raised imports of dried/smoked squid from Vietnam

Published Sep 25, 2020

Tridge summary

South Korea is the largest importer of Vietnamese squid and octopus, accounting for 42.5% of the total export value. However, exports to Korea have decreased due to the Covid-19 pandemic, with the export value in Q2 2020 down 1.9% compared to Q2 2019. Despite this, exports to Korea grew positively in June 2020. Octopus is the dominant product in Vietnamese cephalopod exports to Korea, making up 69.1%, while squid makes up 30.9%. Vietnam currently enjoys a 0% export tax on live/fresh/frozen octopus products exported to South Korea. Other suppliers like China, Indonesia, and India have also imported squid and octopus from Vietnam in the first half of 2020.

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

Original content

(seafood.vasep.com.vn) South Korea was Vietnam's largest importer for squid and octopus, accounting for 42.5% of the total export value of this item of Vietnam to markets. In the second quarter of 2020, cephalopod exports to Korea continued to decrease, but the rate of reduction was lower than that of the first quarter. In the second quarter of 2020, the export value of squid and octopus to South Korea reached US$57.6 million, down 1.9% compared to the second quarter of 2019. In particular, in June 2020, exports to Korea grew positively after 3 consecutive months of decline. Vietnam's squid and octopus exports to Korea increased by 23.5% in June 2020, but due to a decrease in the previous months, the export of squid and octopus to this market still decreased by 15% in the first 6 months of 2020 reached over US$102 million. The decrease in export prices and demand for consumption due to the Covid-19 epidemic was one of the factors affecting the export of Vietnamese octopus and ...

Source: Vasep