Vietnam saw the value of its squid and octopus exports increase on a year-on-year basis in June after the sales declined for three months in a row due to the COVID-19 pandemic, the Vietnam Association of Seafood Exporters and Producers (VASEP) said in a statement on Friday, 24 July.
In June, Vietnam exported squid and octopus worth USD 48 million (EUR 41.4 million), up 6.5 percent from the same month last year.
The squid sales accounted for 55 percent of the total export value in the month, with the value of the octopus holding the remainder.
From January to June, the export value dropped 16.9 percent to nearly USD 240 million (EUR 207 million) as the COVID-19 outbreak hit demand in most major markets.
South Korea was the biggest destination for squid and octopus from Vietnam in June, with the sales value growing 23.5 percent year-on-year, VASEP said, without providing a figure.
However, as the export value to South Korea slowed in previous months, the total sales value to this market fell 15 percent year-on-year to USD 102 million (EUR 88 million) in the first six months of 2020.
Notably, the value of the exports to China, the fourth largest destination for squid and octopus from Vietnam, jumped 156 percent year-on-year to more than USD 4 million (EUR 3.5 million). The sales value to China in the first half also rose 54 percent to USD 17.8 million (EUR 15.4 million).
Japan was the second biggest buyer of squid and octopus from Vietnam in June. The export value in the first half was USD 58.6 million (EUR 50.6 million), 21 percent lower than January-June last year. China, Vietnam, and Thailand were among largest suppliers of squid and octopus for Japan in the first five months, according to VASEP.
Exports of squid and octopus from Vietnam to the E.U. were impacted by the yellow card warning imposed by the E.C. in October 2017 and the current COVID-19 outbreak. In the first six months, Vietnam exported squid and octopus worth USD 17.5 million (EUR 15 million), down 45.7 percent year-on-year, with the declines seen in three top importers, including Italy (down 51 percent), Germany (down 28 percent), and the Netherlands (37 percent lower year-on-year).
Shipments to the E.U. are expected to undergo a growth during year-end months because from 1 August – when the European Union-Vietnam free trade agreement enters into force – the import duty for squid and octopus from Vietnam will be eliminated, VASEP said.
Due to the ongoing outbreak of the coronavirus and a shortage of material for processing, demand for squid and octopus from Vietnam is likely to go down in the coming months, the trade group added.
Photo courtesy of Emil Litov/Shutterstock
