Squid and octopus exports fell by 21.2% year-on-year in the first five months of the year to US$192 million as demand was hit by COVID-19, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Purchase by the Republic of Korea, traditionally Vietnam’s largest buyer of squid and octopus, accounting for 42.6% of total exports, has reduced by 21.2% this year.
Shipments to the EU fell by 49%.
Exports to China increased by 38% to US$13.7 million. While its imports of squid and octopus fell in the first two months, its demand picked up from March onwards, when its COVID-19 situation began to improve.
According to VASEP, since COVID-19 is not completely under control around the world, supply of raw seafood and global demand for processed seafood would continue to fall, as would Vietnam’s exports.