Squid and octopus exports face lack of raw materials in Vietnam

Published Nov 26, 2021

Tridge summary

Vietnam's squid and octopus exports are being limited by the Covid-19 epidemic and high sea freight rates, but demand remains stable in markets such as South Korea, Thailand, the EU, and the US. The export value of squid accounted for 51.5% and octopus accounted for 48.5% of the total. In the first 10 months of the year, Vietnam's squid exports decreased by 1.4% while octopus exports increased by 10.7%. The top 10 single markets that import the most squid and octopus from Vietnam are Korea, Japan, Thailand, China and Hong Kong, Italy, USA, Malaysia, Taiwan, Australia, and the Netherlands, with Korea being the largest import market. Vietnam's squid and octopus exports are expected to reach more than 590 million USD in 2021, an increase of 13% compared to 2020.

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

Original content

According to Vasep.com.vn Vietnam's squid and octopus exports are still affected by the Covid-19 epidemic and the supply of raw materials for production is limited. In addition, export activities are also limited by high sea freight rates. South Korea, Thailand, the EU, and the US are still markets with stable demand for Vietnam's squid and octopus imports. Squid and octopus exports to China have increased since August. Regarding the structure of export products, the export value of squid accounted for 51.5% and octopus accounted for 48.5%. In the context of the prolonged Covid-19 epidemic, demand consumption still favors squid and octopus products that are reasonably priced, easy to process, have a long shelf life, and are suitable for processing and consumption at home. such as: dried squid, dried octopus, frozen octopus... In the first 10 months of this year, Vietnam's squid exports decreased by 1.4% while octopus exports increased by 10.7% over the same period last year. ...

Source: AgroInfo.vn