Vietnamese squid, octopus exports to Spain up 3.6%

Vietnamese squid and octopus exports to Spain in the first six months of 2019 reached US$4.5 million, up 3.6% compared with the same period of last year.

The EVFTA is expected to boost squid and octopus exports to Spain. (Photo: Bao Cong Thuong)

The figures were released by VASEP, an association of Vietnamese seafood producers and exporters, citing ITC data.

In June alone, Vietnamese exports to the European country dropped 26.2% year on year to just US$0.9 million.

Spain is Vietnam’s second largest market for squids and octopuses in the EU, accounting for 1.6% of the country’s total exports.

The recently signed EU-Vietnam Free Trade Agreement (EVFTA) is expected to boost squid and octopus exports to Spain thanks to tariff cuts.

Under the EVFTA, the current duty of 20% on several processed squid and octopus products will be eliminated while most of the frozen products, which are being imposed tariffs of 6-8%, will also enjoy zero duty when the pact comes into effect.

However, Vietnamese exporters have to meet the rules of origin in order to receive such preferential treatment.

The current import price of Vietnamese squids and octopuses to Spain averages US$5.2 per kilogram.