VN cephalopod exports to touch US$80 million in QI/2017

In 2016, the total export turnover of Vietnam cephalopod reached US$439.04 million, up 2.3% compared to 2015. In the year, Vietnam exported its cephalopod to 67 countries and territories compared to 68 ones in 2015.

In QIV/2016, the export value of Vietnam cephalopod touched the highest compared to those of the first 3 quarters of 2016 with the sales of US$140.7 million, up 21% compared to the same period in 2015.

In QIV/2016, the sales to top 3 largest importing markets (South Korea, Japan and the EU) reported a  positive growth. The sales to top 3 markets showed the decline in the first half of 2016, however, exports to these markets showed the gradual growth in the late months of the year.

Due to lack of domestic raw material supply, processors must strengthen importing raw materials from foreign countries in QIII and QIV 2016.

In 2016, the proportion of squid for exports (58.6%) continued to rise while that of octopus (41.4%) tend to decline.

Among total cephalopod products for exports, exports of frozen/fresh/live squid (HS 03) rose; other processed squid downed; smoked/dried squid also climbed down. Exports of processed octopus (HS 16) rose 8.2%.

In 2016, the top 6 key markets including Korea, Japan, ASEAN, the EU, China and Hong Kong, the U.S., accounting for 95.2% of total export value.

In the first quarter of 2016, Russia was put into top 9 leading markets of Vietnam cephalopod. Until the mid 2016, Israel replaced the position of Russia among top 9 markets. Cephalopod exports to Israel in 2016 reported good growth.

The export turnover of cephalopod in QI/2017 is expected to reach US$80 million and US$420 million in the whole year, lower than 2016. Exports to 3 key markets (Korea, Japan slightly falls; the EU slightly rises).

Written by Ngoc Thuy

Compiled by Kim Thu