Vietnam saw its export value of squid and octopus fall in July as South Korea, the country’s biggest buyer, purchased less in the month, according to a statement from the Vietnam Association of Seafood Exporters and Producers (VASEP) on 28 August.
The Southeast Asian country exported squid and octopus worth nearly USD 53 million (EUR 47.8 million) in July, down 2.5 percent year-on-year. In the first seven months, Vietnam gained USD 341.5 million (EUR 308 million) from shipments of squid and octopus, declining 3.2 percent from the same period last year.
The export value only increased in January and March but went down beginning in April this year compared to 2018.
The value of the exports to South Korea, which accounted for 40.1 percent of Vietnam’s total export value of squid and octopus during January and July, also plunged in May, June, and July. But as the export value rose in the first four months, sales to South Korea between January and July was still up 5.9 percent year-on-year, reaching USD 137 million (EUR 123.5 million).
VASEP said lower prices and unstable demand for squid and octopus from Vietnam were behind the decline of the export value gained from South Korea in the first seven months.
The value of octopus exports to South Korea accounted for 75 percent of the total export value of squid and octopus, with squid holding the remaining 25 percent.
Exports to Japan, the second biggest buyer of squid and octopus from Vietnam, however, rose 10.2 percent year-on-year in July, VASEP said, without providing a figure. In the first seven months, Vietnam received USD 87.3 million (EUR 78.7 million) from exports of squid and octopus to Japan, up 8.9 percent.
Vietnam exported squid and octopus worth USD 41.2 million (EUR 37.2 million) to the European Union during January-July, down 10.7 percent with Italy, Spain and the Netherlands being three major destinations in the bloc.
VASEP forecasts the country will earn USD 154 million (EUR 138.9 million) in the third quarter of this year, 12 percent lower year-on-year. It also foresees the exports will reach USD 626 million (EUR 564.6 million) in value, down 7 percent from last year.
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