Vietnam’s squid and octopus exports return to growth

Saturday, 2020-07-25 16:53:36
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Squid and octopus exports to the EU are expected to improve when the EU-Vietnam free trade agreement comes into force in August.
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NDO - Vietnam’s squid and octopus exports rallied in June, with strong growth reported in many markets such as the Republic of Korea, ASEAN, the United States, Israel and Taiwan (China).

According to VASEP, an association representing seafood producers and exporters, Vietnam’s shipments of squid and octopus grew by 6.5% to more than US$48 million after three consecutive months of decline.

But total revenues in the first six months still fell by nearly 17% to US$240 million.

The Republic of Korea remains the largest buyer of Vietnamese squid and octopus, accounting for 42.5%. Exports to the country surged by 23.5% in June after months of contracting, resulting in an overall decline of 15% in the January-June period.

Japan was the second largest importer with a share of 24.4% but the figure for the first six months of 2020 also fell by 21%.

Squid and octopus exports to the EU registered the sharpest drop, plunging by 45.7% against the same period of 2019 and reaching just US$17.5 million.

But shipments are expected to improve with the EU-Vietnam free trade agreement scheduled to take effect in August with the tariffs on such seafood eliminated.

China ranked fourth in importing squid and octopus from Vietnam but witnessed the strongest and most steady growth, with revenues up 156% in June to US$4 million.

Total exports to the world’s second largest economy in the first six months of 2020 rose by 54% to US$17.8 million.