Vietnam earned less value for squid and octopus exports in the first quarter of 2020 due to impacts from the COVID-19 pandemic, according to latest data shared by the Vietnam Association of Seafood Exporters and Producers (VASEP).
The country shipped squid and octopus worth USD 107.4 million (EUR 99.2 million) in the first three months of this year, down 24 percent year-on-year. The country’s export value of the species also went down 20.3 percent year-on-year to USD 41.6 million (EUR 38.4 million) in March.
The sales value of squid accounted for around 53 percent of the total, with the remaining 47 percent from octopus export value.
“The COVID-19 crisis has resulted in lower demand while producers found it hard to purchase material,” VASEP said.
South Korea was the biggest buyer of squid and octopus from Vietnam during the timeframe, importing volumes worth USD 44.5 million (EUR 41 million) in the first quarter, falling 27.6 percent from a year earlier. Japan was the second largest buyer for Vietnam in Q1, importing USD 29 million (EUR 26.8 million) worth – down 19.5 percent from the same period in 2019.
Sales to the European Union dived 36.5 percent year-on-year to USD 8.7 million (EUR 8 million) in the first three month of 2020, with Italy, Spain, and Germany being the major destinations in the bloc. In March, the sales value to Spain surged 29 percent year-on-year, while sales to Italy and Germany contracted 55 percent and 49 percent, respectively, compared to the same month last year.
The export value to Israel in the period, however, soared 283 percent year-on-year to USD 1.3 million (EUR 1.2 million).
Lockdowns in major markets, which have led to closures of restaurants, hotels, schools, and tourist spots, have caused demand for Vietnam’s squid and octopus in the world to plunge, VASEP said. The pandemic has also hit personal incomes hard, forcing many to choose cheaper alternative seafood products, the organization added.
Photo courtesy of Julija Ogrodowski/Shutterstock
