Cephalopod exports are expected to decrease slightly in the first quarter of the year

According to data from Vietnam Customs, as of March 15, 2024, Vietnam’s cephalopod exports reached more than 109 million USD, a slight decrease of 3% compared to the same period in 2023. In the first quarter of this year, Vietnam’s cephalopod exports are expected to reach about 136 million USD, down 2% over the same period last year.

Korea has been Vietnam’s largest cephalopod import market for many years. As of March 15, 2024, Vietnamese cephalopod exports to Korea reached nearly 46 million USD, up 15% over the same period last year. Korea accounts for 42% of Vietnam’s cephalopod exports.

Japan’s nuclear wastewater discharge had an impact, reducing Korea’s demand for seafood imports from Japan. Korea did not issue a ban on importing seafood from Japan but increased inspection of imported products.

It is expected that Vietnam’s cephalopod exports to Korea will continue to grow positively in the coming time, as the ban on importing Japanese seafood into China has not yet been lifted.

Japan is Vietnam’s second-largest cephalopod import market, accounting for 26%. Cephalopod exports to Japan still cannot escape the negative growth trend. As of March 15, 2024, exports of this product to Japan reached 25 million USD, down 16% over the same period. The nuclear wastewater discharge had a negative impact on Japan’s overall seafood imports and exports, causing Japan’s imports of cephalopods from Vietnam to decline significantly.

China and Hong Kong are Vietnam’s third-largest cephalopod import markets. As of March 15, 2024, exports to this market reached 11 million USD, up 32% over the same period last year. China’s ban on seafood imports from Japan after Japan’s nuclear wastewater discharge into the sea has caused China to increase imports from other sources, including Vietnam.

(Source: https://seafood.vasep.com.vn/)