Vietnam has seen a boom in sales of squid and octopus to China, amid slowing exports to most other markets due to the coronavirus.
The country exported squid and octopus worth USD 5.7 million (EUR 5 million) to China in May, up nearly 171 percent year-on-year, according to Vietnam Association of Seafood Exporters and Producers (VASEP) on Friday, 26 June.
Exports of squid and octopus to China were disrupted in January and February, when the latter was hit by the outbreak of coronavirus. But the sales have increased in March, April, and May as China has been able to contain the spread of COVD-19 and the country's economic activities have normalized.
In the first five months of 2020, the export value of squid and octopus to China rose 38 percent year-on-year to USD 13.7 million (EUR 12.2 million).
The increase in the sales to China, however, has failed to offset the decline in other markets, which were still struggling with the impacts of the COVID-19 outbreak. In May, Vietnam saw the export value of squid and octopus dive nearly 25 percent year-on-year to USD 42 million (EUR 37.4 million). The sales in the first five months stood at USD 192 million (EUR 171 million), down 21.2 percent from January-May period last year.
The sales value of squid accounted for 55 percent of the total value with the octopus holding the remainder.
“The lower consumption demand and shortage of material for processing caused by the COVID-19 pandemic have together affected the exports of squid and octopus from Vietnam in the first five months,” VASEP said.
South Korea remained the biggest buyer of squid and octopus from Vietnam from January to May, with the export value of USD 82 million (EUR 73 million), down 21.2 percent year-on-year. This was followed by Japan with USD 48 million (EUR 42.7 million), 21.7 percent lower year-on-year, and the E.U. with USD 13.5 million (EUR 12 million), down 49 percent from the same period in 2019.
Photo courtesy of Tran Qui Thinh/Shutterstock
