With positive results in the first quarter of 2022, Vietnam's squid and octopus exports are expected to maintain a high growth momentum in the near future.

According to Customs data, Vietnam's exports of squid and octopus in the first quarter of 2022 reached over USD 156 million, an increase of 35% over the same period last year.

In the structure of exported squid and octopus products, squid accounted for 54.6%, the rest octopus accounted for 45.4%. In the first quarter of 2022, the export value of squid increased by 40% while octopus increased by 29% over the same period in 2021. Import demand for processed squid and octopus products tended to increase sharply in the first quarter of the year.

Export value of squid products increased in which dried squid and live/fresh/frozen squid increased by 33% and 38% respectively. Notably, the export value of processed squid increased the most by 99% compared to the same period last year.

The largest import markets of squid and octopus include South Korea, Japan, China and Hong Kong, Thailand, EU, USA, Malaysia, Taiwan, Israel, accounting for 98.4% of the total export value of squid and octopus of Vietnam.

In which, in the first quarter of 2022, exports of squid and octopus to China and Hong Kong markets grew the most by 143%. Exports to Japan increased by 50%, exports to South Korea and the EU increased by 16% and 47% respectively, but exports to Thailand decreased slightly by 0.4%.

Currently, South Korea is the largest import market of Vietnam's squid and octopus, accounting for 35% of the total export value. In the first quarter of 2022, exports of squid and octopus to this market reached over USD 55 million, an increase of 16%. In the structure of squid and octopus products exported to South Korea, the export value of processed squid increased the most by 123%, however, exports of processed octopus decreased by 7%.

Japan ranks second in importing squid and octopus from Vietnam, accounting for 23% of total export value. In the first quarter of 2022, exports of squid and octopus to Japan reached  USD 36 million, an increase of 50% over the same period last year. In the structure of squid and octopus products exported to Japan, the export value of processed octopus increased the most by 151%, however, exports of dried squid decreased by 97%.

According to the Vietnam Association of Seafood Exporters and Producers, the export of squid and octopus in the next quarter is expected to maintain its growth momentum. However, lack of raw materials, fishing activities of fishermen affected by the high price of petrol, etc. are still challenges that businesses face.

Kylie Nguyen