Vietnam saw its export value of squid and octopus increase in October, with better sales to many major markets, including South Korea and China, the Vietnam Association of Seafood Exporters and Producers (VASEP) said in a 1 December statement.
The country exported squid and octopus worth USD 58.6 million (EUR 49 million), 16 percent higher year-on-year.
However, Vietnam's combined export value for the first 10 months of 2020 fell 5 percent year-on-year to USD 454.9 million (EUR 380 million) due to lower sales earlier in the year.
South Korea was the largest buyer of squid and octopus from Vietnam in October, with sales of USD 24.9 million (EUR 20.8 million), up 14 percent from the same month last year. Sales rose from June to October, but because of a steep decline in the earlier months of 2020 due to the coronavirus pandemic, the total export value in the first 10 months of 2020 remained 1 percent lower than 2019's figure, at USD 188.6 million (EUR 157.6 million).
VASEP said there are signs the South Korean market is picking up further.
Japan was the second-largest destination for Vietnam's squid and octopus, though sales fell 16 percent year-on-year to USD 99.8 million (EUR 83.4 million) between January and October. Sales dropped between May to September, but recovered slightly in October.
In October, the export value of squid and octopus to the European Union dived 8.5 percent year-on-year to USD 5.9 million (EUR 4.9 million), following increases in August and September. Between January and October, sales were down a more significant 30.6 percent to USD 38.4 million (EUR 32 million) year-over-year. VASEP said the export value contracted between March and July due mainly to the yellow card the European Commission imposed in 2017 and the negative impacts of the COVID-19 crisis.
China was the fifth-largest buyer of squid and octopus from Vietnam, sales up 103 percent year-on-year to USD 6 million (EUR 5 million) in October. The sales also soared 56.3 percent to USD nearly USD 37 million (EUR 30.9 million) in the first 10 months of 2020, making Vietnam's fastest-growing market for cephalopods.
VASEP said as global demand for squid and octopus is expected to remain low due to the COVID-19 pandemic, the country’s export value of the two species is projected to decline in the coming months. It estimated Vietnam would see total sales of USD 566 million (EUR 473 million) this year, down 2 percent from 2019.
Photo courtesy of Igor Kononykhin/Shutterstock
