Vietnam’s exports of squid and octopus increased in Q1 2022 as demand from its major markets rose.
Vietnam exported USD 156 million (EUR 145.9 million) worth of squid and octopus in the first quarter of the year, a 35 percent lift from a year ago, according to data from the Vietnam Association of Seafood Exporters and Producers (VASEP). Squid accounted for 54.6 percent of the total and octopus the remainder. The country’s exports of squid grew 40 percent and its octopus exports increased 29 percent in the quarter.
South Korea remained the top market with USD 55 million (EUR 51.4 million) in sales, up 16 percent from the same period in 2021. Sales of processed squid to South Korea soared 123 percent year-on-year; However, Vietnam’s octopus exports to South Korea dropped 7 percent year-on-year.
Japan was the second-largest market, purchasing USD 36 million (EUR 33.7 million) worth of squid and octopus in Q1, up 50 percent from a year earlier. The value of processed octopus from Vietnam to Japan jumped 151 percent in the period, but sales of dry and grilled squid fell 97 percent year-on-year.
China (including Hong Kong) bought 143 percent more squid and octopus from Vietnam in the quarter, and the European Union purchased 47 percent more product year-on-year, VASEP reported. However, the export value of squid and octopus from Vietnam to Thailand declined slightly 0.4 percent in the period.
Vietnam’s growth in its squid and octopus exports is expected to continue into Q2, VASEP said. However, a lack of material for processing and a rise in fuel prices will be limiting factors, VASEP said.
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