Up 40% in Vietnam cephalopod exports

Vietnam’s cephalopod exports in the months of 2017 increased continuously over the same period last year. In 2017, Vietnam's total export value of cephalopod reached US$620.8 million, an increase of 41.4% compared to 2016. The export value to top 9 major markets grew significantly compared to 2016. Supplies were up thanks to a rise in capture production and the import volume as well as high demand from main markets, which facilitated Vietnam’s cephalopod exports in 2017.

In 2017, exports of squid remained to take the large share of 56.3% of total export value. Shipments of fresh/live/frozen squid accounted for the highest proportion of 36.2%, followed by dried/salted/fresh/frozen octopus with 36%.

Sales of of other processed squid (HS code 16) increased sharply by 66%; followed by those of live/fresh/frozen octopus (HS code 03) with 53%; those of live/fresh/frozen squid (HS code 03) with 46% compared to 2016 and those of dried/grilled squid (HS code 03) with 12%.

In 2017, Vietnam exported cephalopod to 63 markets. In particular, the total export value to 9 main markets picked up 98.9% of the total export value of Vietnam cephalopod.

Exports to South Korea remained the good growth from the beginning of the year. Vietnam’s cephalopod exports to South Korea in December 2017 reached US$19.7 million; increasing by 8.6% over the same period in 2016. The figure in 2017 totaled over US$218 million; up 31.6% over the same period last year. South Korea stayed as the biggest buyer of Vietnam cephalopod, accounting for 35% of Vietnam’s total export value of cephalopod to markets.

Vietnam’s cephalopod sales to Japan reported the continuous growth from the beginning of the year. The export value of Vietnam cephalopod to the market in December 2017 reached US$12.8 million, up 7.7% over December 2016. The figure in 2017 estimated at US$148.7 million , up 35.6% from a year before. Japan ranked the second in top leading importers of Vietnam, accounting for 24%. Japan's economy expected to rebound in 2017 and the yen's appreciation has led to a surge in demand for imported seafood, which has facilitated Vietnam's cephalopod exports to the market.

The EU was the third largest buyer Vietnam cephalopod in 2017. Vietnam’s cephalopod exports to the EU in December 2017 decreased by 23.6% to see US$7.4 million due to the impact of the EU "yellow card" warning. However, the figure in 2017 increased remarkably by 51.6% to over US$106 million. Italy, Spain and France continued to be top three largest importers of Vietnam cephalopod in the EU. Exports to these three markets all recorded the 2-3 digit growth. In 2017, exports to Italy and Spain increased by 35% and 66.8%, respectively while those to France inched up 133.8% year on year.

ASEAN held as the 4th rank. Vietnam’s cephalopod exports to the region in December 2017 touched US$5.3 million, up 5.2% compared with December 2016. Thailand and Malaysia were two major buyers of Vietnam cephalopod in ASEAN. Vietnam currently boosted cephalopod exports to the region. The shipments to ASEAN in 2017 gained US$71.5 million, up 39% year on year.

China was the most important seafood importer of Vietnam in 2017 with strong growth in all seafood products. Exports of cephalopod to this market in 2017 touched US$39.8 million in 2017; up 140.9% over 2016. In which, exports to Hong Kong reached US$6.9 million, up 21.4%.

Exports to China registered the highest growth rate among major markets for cephalopod from Vietnam in the period. The country claimed as the fifth largest buyer of Vietnam cephalopod, accounting for 6.4% of Vietnam's total exports of the items to markets.

Chinese customers increasingly preferred Vietnam cephalopod. The demand for octopus in China is rising in restaurants and in households. In addition, a rise in tourist arrivals also boosted demand for this item in China.

Online shopping in China is becoming more popular, which also stimulates seafood sales in this market. China expected to continue as an important and potential market for Vietnam’s cephalopod enterprises in the coming time, when exports to mainstream markets face difficulties.

The U.S ranked th 6th in top leading cephalopod buyers of Vietnam. Although Vietnam’s exports of shrimp and pangasius to the U.S decreased, those of cephalopod to this market still increased by 94.7% to eye US$9.7 million in 2017.

Vietnam’s cephalopod exports in the first 3 months of 2018 expected to remain stable compared to the same period in 2017.