Korea is the largest import market of Vietnam's squid and octopus

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Processing squid for export. Photo: Internet

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam's squid and octopus exports to South Korea recovered well in the fourth quarter of 2021 with an export value of US$82.1 million, up 20% compared to the same period of 2020. For the whole of 2021, exports to this market reached US$247.9 million, up nearly 7% compared to 2020.

According to statistics of Vietnam Customs, octopus is Vietnam's main export product to this market in 2021, of which frozen octopus products account for 78% of the total export value. Enjoying the 0% tariff preference has helped Vietnam increase fresh/live and frozen octopus exports to the Korean market. In contrast, exports of dried/baked squid and fresh/live/frozen squid products decreased by 23% and 7% respectively.

Export value of two groups of processed octopus products and dried, salted, live, fresh and frozen octopus products increased by 3% and 13%. Export of processed squid increased the most by 52%.

Korea mainly imports from Vietnam frozen cut octopus, frozen whole octopus, frozen cut octopus, frozen processed octopus, peeled dried squid, and frozen processed squid, frozen sushi squid, frozen cleaned cuttlefish fillet, frozen cleaned whole cuttlefish, frozen pinecone cut squid, frozen button squid.

According to ITC data, Vietnam ranks second in supplying squid and octopus to South Korea, after China. Frozen octopus is the most imported product to Korea, accounting for 39% of the total import value of squid and octopus products into this market.

According to kita.org data, Vietnam is the largest supplier of frozen octopus to Korea, accounting for 43% of the market share. China ranked second with a 41% market share. Vietnam and China are the two largest suppliers of frozen octopus to Korea, accounting for an overwhelming market share. In 2021, Korea both increased imports of frozen octopus from these two sources, of which imports from China increased more strongly than imports from Vietnam.

Frozen squid (HS 030743) is the second most imported product of Korea. China is the largest source of this item for Korea, accounting for 38% of the market share. Vietnam ranks third with 16% market share. In 2021, Korea will reduce imports of this item from China while increasing imports of this item from Vietnam.

With the above results, Vietnamese enterprises expect to increase the export of this seafood product to the Korean market this year.