Positive outlook ahead for squid and octopus exports in Q2

VOV.VN - Following positive results recorded in the first quarter of the year, Vietnamese squid and octopus exports are anticipated to maintain their strong growth momentum moving forward, according to forecasts made by the General Department of Vietnam Customs.

Throughout the reviewed period, local exports of squid and octopus surged by 35% to reach over US$156 million against the same period from last year.

As a result, the export value of squid and octopus increased by 40% and 29% compared to last year’s corresponding year, respectively, with the export value of processed squid soaring by up to 99%.

The largest importers of local squid and octopus include the Republic of Korea (RoK), Japan, China, Hong Kong (China), Thailand, the EU, the United States, Malaysia, Taiwan (China), and Israel, accounting for 98.4% of the total export value.

Furthermore, exports of the products to China and Hong Kong (China) in the reviewed period enjoyed robust growth of 143%, while exports to Japan, the Republic of Korea, and the EU increased by 50%, 16%, and 47% respectively. Elsewhere, exports to Thailand endured a slight decrease of 0.4%.

At present, the RoK remains the largest consumer of Vietnamese squid and octopus, making up 35% of the total export value with exports to the market expanding by 16% to reach over US$55 million in the first quarter of the year.

Japan ranks second for importing squid and octopus from the nation, accounting for 23% of total export value. Exports of squid and octopus to the demanding market rose by 50% to US$36 million against the same period from last year, with the export value of processed octopus skyrocketing by 151%.

According to information given the Vietnam Association of Seafood Exporters and Producers (VASEP), the export of squid and octopus ahead in the next quarter is anticipated to maintain its growth momentum.

However, experts believe that local businesses will face numerous challenges in terms of the shortage of raw materials, coupled with high petrol prices in the time ahead.

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RoK represents largest importer of Vietnamese squid, octopus
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RoK represents largest importer of Vietnamese squid, octopus

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