In the structure of exported cephalopod products, squid accounts for a higher proportion than octopus. Only live/fresh/frozen squid products (HS code 03) had a slight increase in export value. Exports of the remaining cephalopod products all decreased, of which the largest decrease was other processed squid (HS 16) with 20% reduction.

South Korea is still the largest import market of Vietnam's cephalopods, accounting for 35% of the total export value. In the first two months of 2022, exports to this market reached 31 million USD, down 3% over the same period. Korea mainly imports from Vietnam frozen cut octopus, frozen whole octopus, frozen cut octopus, frozen processed octopus, peeled dried squid, frozen processed squid, frozen sushi squid.

Ranked second is Japan, accounting for 26%. In the first two months of this year, Vietnam's cephalopod exports to Japan reached $23 million, up 6% over the same period.

The EU ranks 4th in importing cephalopods from Vietnam. Italy, France and Spain are among the top 3 largest import markets, accounting for 48%, 14% and 13% of Vietnam's total cephalopod exports to the EU market, respectively.

As an affordable product, the demand for importing cephalopods from the consuming markets has not changed much. In 2022, Vietnam's exports of cephalopods reached nearly 763 million USD, up 25% compared to 2021.

In 2023, cephalopods exporters continue to face difficulties in source of raw materials and high input costs. In addition, the IUU yellow card that has not been removed is still a challenge for cephalopod exports.

By Thuy Linh VASEP