Thanks to a strong increase in the first seven months of this year, the EU has surpassed Thailand to become Vietnam's third largest export market of squid and octopus.

According to VASEP, in the first seven months of this year, Vietnam's squid and octopus exports to the EU grew by 3-digits in April and May, and the remaining months all grew by double digits.

Thanks to good growth, in the first seven months of this year, the EU surpassed Thailand to become Vietnam's third largest import market of squid and octopus. The EU currently accounts for 10.8% of the total value of Vietnam's squid and octopus exports to markets.

In August, due to social distancing for prevention and control of pandemic, squid and octopus exports to the EU decreased by 15% to nearly USD 5 million.

However, thanks to good growth in the previous months, Vietnam's squid and octopus exports to the EU in the first eight months of the year still increased by 39% to USD 38.8 million. This is the market with the best growth among the five largest markets for squid and octopus in Vietnam.

Among EU countries, Italy, France and Spain are the three biggest importers of Vietnamese squid and octopus. As of August this year, the export of squid and octopus to Italy, France and Spain respectively reached USD 20.3 million; USD 3.4 million and USD 3.2 million; an increase of 69%, 15% and 17% over the same period.

According to the International Trade Center (ITC), the EU is currently importing squid and octopus from more than 50 countries outside the bloc. In particular, Vietnam is the 7th largest supplier of squid and octopus to the EU market.

In the EU market, the demand for squid and octopus in the retail segment is still high. Besides, restaurants and hotels are gradually opening, increasing the demand for this item.

VASEP forecasts that the demand for squid and octopus imports from Vietnam to the EU will remain good from now until the end of the year.

Kylie Nguyen