Export of squid and octopus: A bright spot from the Japanese market

According to the Vietnam Association of Seafood Exporters and Producers , Vietnam's exports of squid and octopus in the first five months of 2023 reached more than $240 million, down 13% over the same period last year. In May 2023 alone, the export of this product reached US$52 million, down 18% over the same period.

Vietnam's squid and octopus exports to Japan increased while all markets decreased

Although negative growth is inevitable in the general declining trend of Vietnam's seafood exports, compared to other main export seafood products of Vietnam, the export value of squid and octopus recorded a slight decrease. than.

As of May this year, Vietnam's squid and octopus products have been exported to 65 markets. The top 10 largest import markets of Vietnam's squid and octopus include South Korea, Japan, Thailand, China and Hong Kong, Italy, the US, Malaysia, Taiwan, Spain and France.

Exports of squid and octopus to the main consuming markets all decreased by double digits except for Japan.

Accordingly, Korea is the largest import market of Vietnam's squid and octopus, accounting for 35%. In the first 5 months of this year, squid and octopus exports to South Korea reached $84 million, down 13%.

Japan is Vietnam's second largest single octopus and squid import market, accounting for 27%. Compared to the Korean market, Vietnam's exports of squid and octopus to the Japanese market have more positive signals. In the first 5 months of 2023, exports of squid and octopus to this market reached US$64 million, up 4% over the same period in 2022.

Japan's domestic production of squid and octopus has been decreasing while Japan's demand has increased for instant, convenient, and convenient products due to modern, busy lifestyles and little cooking time. grill. This is a factor that positively affects Vietnam's exports of squid and octopus to Japan.

In addition to Japan, exports of squid and octopus to smaller markets such as Malaysia, Australia, Taiwan, and the Philippines have more positive signals, recording a positive double-digit growth of 15-75%.

In the general picture, the decline in export turnover is attributed to the impact of inflation and the global economic recession reducing consumption demand from the markets. IUU "yellow card" has not been removed. In addition, exporters of squid and octopus continue to face disadvantages in terms of raw material costs and unfavorable weather for fishing activities. This reduces the competitiveness of businesses. Many squid and octopus exporters have had their orders reduced and have to operate in moderation or close some factories.

It is expected that in the third quarter of 2023, export activities will be better than the previous two quarters. But the source of raw materials will be difficult because the fishing output in the world's seas is decreasing, along with the ban on fishing in the seas starting to take effect, and the next rainy season will reduce the supply. are challenges for enterprises exporting this product.