The country’s squid and octopus exports throughout the reviewed period have maintained their growth momentum, soaring by 18% on-year to reach US$215 million.

Among the major markets, the country’s export earnings of squid and octopus to Japan, Thailand, and the United States all witnessed robust growth. The export of these products to the Republic of Korea and the EU increased slightly, while exports to the China and Hong Kong market dropped.

Currently, Vietnamese squid and octopus exporters continue to face numerous difficulties in terms of raw material sources and high input costs for production activities. Furthermore,  falling consumer demand due to tightened spending, the ongoing Russia-Ukraine war, and the persistent Hamas-Israel conflict have all contributed to pushing up shipping costs, thereby further eroding businesses’ profits.

The VASEP said that the global squid and octopus market is experiencing remarkable fluctuations this year due to factors such as climate change, high consumption demand, and sustainability issues.

Specifically, the El Nino phenomenon has caused disruption to the regeneration of squid resources, a factor leading to a shortage of supply sources in some areas by the end of 2024.

Moreover, the cephalopod industry is also facing the problem of overexploitation and illegal, unreported and unregulated fishing (IUU) which requires stricter management measures.

Moving forward, the VASEP forecasts that with stable demand from key markets and an upward price trend, Vietnam's squid and octopus exports are expected to continue to grow ahead in the second half of the year.

However, exports to major markets such as the EU and the US in the time ahead will be affected as these markets are tightening regulations on traceability, requiring transparency and sustainability in the supply chain.

Squid and octopus exports decline slightly by 2% in Q1

VOV.VN - Vietnam’s squid and octopus exports in the first quarter of the year are estimated at about US$136 million, suffering a slight decrease of 2% against the same period from last year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).