Vietnam saw its value of squid and octopus exports surge in September as sales to major destinations – including South Korea, the European Union and China – increased, according to latest data from Vietnam Association of Seafood Exporters and Producers (VASEP).
The country exported squid and octopus worth USD 51 million (EUR 43 million) in the month, up 20.4 percent from September last year.
Sales to South Korea, its largest buyer of squid and octopus, rose every month from June to September, as demand was on the rise. The export value in September was USD 20.2 million (EUR 17 million), 31.2 percent higher year-on-year. However, the sales in the first nine months of 2020 shrank 2.9 percent to USD 163.8 million (EUR 138 million) due to heavy declines posted in the early months of the year.
Exports to the E.U. rose in September, following the European Union-Vietnam Free Trade Agreement (EVFTA), which entered into force from the beginning of August. Sales to the bloc surged 6 percent year-on-year to USD 4.6 million (EUR 4 million) in the month, with the export value growing 263 percent to the Netherlands and 66 percent to Germany.
Sales to China, the fifth-largest buyer of squid and octopus from Vietnam, also increased in September, to USD 4.2 million (EUR 3.5 million), up 31 percent from a year earlier. The export value jumped 49.5 percent to USD 30.9 million (EUR 26 million) between January and September, the most impressive growth among major markets in the period.
However, sales to Japan, the second-biggest buyer of squid and octopus from Vietnam, declined continuously from May to September. Exports to Japan fell 18 percent year-on-year to USD 88.5 million (EUR 74.6 million) in the first nine months of 2020.
As the COVID-19 pandemic has not been contained globally, demand for squid and octopus is expected to continue to decline. As a result, VASEP forecast Vietnam’s exports of squid and octopus will decline 9 percent year-on-year to USD 523 million (EUR 440.8 million) for full-year 2020.
Photo courtesy of Tran Qui Thinh/Shutterstock
