Vietnam's squid and octopus exports increase

Vietnam has experienced a significant increase in squid and octopus exports in the first 8 months of 2022, with a total value of $489 million, marking a 36% increase compared to the same period in 2021. Squid exports made up 56.4% of this total, amounting to $276 million, showing a 47% increase, while octopus exports contributed 43.6%, totaling $213 million, indicating a 24% increase. Korea and Japan are the leading importers of these products, holding 36% and 22% market shares respectively, followed by China with a 10% share and a notable growth rate of 113%. There has also been a surge in exports to the US, Spain, France, and Israel. The EU market has shown strong interest, with imports valued at over $52 million, up 34% from the previous year. The exports were predominantly fresh and frozen octopus (83% of total octopus exports). Among the exported squid and octopus products, processed squid saw the highest growth rate of 79%. The main contributors to these exports are Ba Ria-Vung Tau, Kien Giang, Ho Chi Minh City, Binh Thuan, and Soc Trang, exporting a variety of squid and octopus products.