In 2020, Vietnamese squid and octopus exports to Japan will be favorable

13/03/2020

Together with VJFTA, the CPTPP Agreement, which came into effect in early 2019, partly makes it easier to export Vietnamese squid and octopus to Japan.

According to the Association of Seafood Exporters and Producers, Japan-Vietnam's second largest import market for squid and octopus accounts for nearly 22% of Vietnam's total imports of squid and octopus to markets. In January 2020, due to coinciding with the New Year, Vietnam's squid and octopus exports to Japan dropped sharply by 51.2% compared to January 2019, reaching nearly USD 8 million and down 18.8% compared to December 2019.

In 2019, Japan imported USD 140.5 million of squid and octopus from Vietnam, a decrease of 8.9% compared to 2018. Vietnam's squid and octopus exports to Japan decreased continuously from August to the end of 2019. In the fourth quarter of 2019, squid and octopus exports to Japan reached USD 32.5 million, a decrease of 28% compared to the fourth quarter of 2018.

The share of Vietnam's squid and octopus exported to Japan is nearly equivalent. In the export structure of Vietnam’s squid, octopus to Japan, fresh/frozen squid (HS 03) accounted for the highest proportion.

In 2019, Japan sharply reduced the import of dried/baked squid from Vietnam (59.3%) while slightly increased the import of dried/salted/fresh/frozen octopus from Vietnam (1%).

Vietnam's main squid and octopus products exported to Japan in 2019 include: frozen whole squid, shredded squid, squid rings, squid chunks, frozen squid fillets, frozen cuttlefish, cuttlefish cut in pine cone, frozen cuttlefish comb cut, etc.

Together with VJFTA, the CPTPP Agreement, which came into effect in early 2019, partly makes it easier to export Vietnamese squid and octopus to Japan.

According to statistics in 2019, Japan's squid and octopus imports reached over USD 406 million, an increase of 13.9% compared to 2018. In which, cuttlefish and squid processed items were imported the most, accounting for 77% of import value.

Processed squid (HS 160554) is the most imported product into Japan in the total structure of imported squid and octopus products of this country, accounting for 70%. In 2019, Japan increased its import of processed squid and reduced its import of processed octopus. Notably, Japan sharply increased its import of fresh/raw squid (HS code 030749) in 2019, an increase of 1,73% compared to 2018, reaching USD 45.3 million.

Regarding the main import item of Japan which is processed squid, Vietnam is in the top 4 largest suppliers, behind China, Peru and Thailand and ahead of South Korea and Spain. China dominates the market share in this product group with 88% of Japanese import value, while Vietnam accounts for less than 2%.

 

Kylie Nguyen
 

© 2019 Vietnam Bank for Agriculture and Rural Development No. 2 Lang Ha street, Ba Dinh district, Hanoi, Vietnam
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