Export of octopus turned to Korea continues to increase

Octopus HungHau

Korea is still Vietnam’s largest import market of squid and octopus, accounting for 41% of total export value. In the second quarter of 2021, squid and octopus exports to South Korea reached US$62.6 million, up 8.8% over the same period last year. In the first two quarters of this year, exports of squid and octopus to this market reached 110.3 million USD, up 8% compared to the first 2 quarters of 2020.

According to statistics of Vietnam Customs, octopus is Vietnam’s main export product to this market in the first half of this year, of which frozen octopus products account for 76% of the total. export value. Enjoying the 0% tariff preference has helped Vietnam increase fresh/live and frozen octopus to the Korean market. In the first half of this year, exports of processed octopus to South Korea increased by 40%. In contrast, exports of dried/baked squid and fresh/live/frozen squid products fell by 36% and 20%, respectively.

Korea mainly imports from Vietnam peeled dried squid, frozen cleaned squid, frozen sushi squid, frozen cleaned cuttlefish fillet, frozen pinecone cut squid, frozen cleaned whole octopus, octopus cut into ice cubes, frozen processed octopus…

(Average export price of Vietnamese squid and cuttlefish to Korea)

In the second quarter of 2021, Korea better controlled the Covid-19 epidemic, so squid and octopus imports to this market stabilized growth compared to the first quarter. Tariff advantage from the Free Trade Agreement between the two countries. Vietnam and Korea (VKFTA) also have a positive impact on Vietnamese squid and octopus exports to this market.

According to ITC data, Korea’s imports of squid and octopus from other countries in the first six months of this year decreased slightly by 1.4% to $151.8 million. Korea imports squid and octopus from 11 countries around the world. Vietnam ranks third in supplying squid and octopus to South Korea, after China and Peru.

(Average export price of frozen octopus from Vietnam to Korea)
Import of squid and octopus from Korea (Source: ITC, GT: Thousand US Dollar)
Supply T1-T6/2020  T1-T6/2021 Increase/Decrease (%)
Wolrd 153.856  151.728 -1,4
China 100.485   93.956 -6,5
Peru 28.099   38.612 37,4
Viet Nam 20.264  14.874 -26,6
Thailand      3.825     3.020 -21,0
Philippines         740        674 -8,9
Japan        151     264 74,8
Taipei, Chinese           –            5
Portugal  –         3
Spain           14           55 292,9
Indonesia 194 94 -51,5
Chile 59        164 178,0

(Source: http://vasep.com.vn/)