Vietnam’s squid and octopus exports have recovered but producers there are still facing material shortages.
Vietnam’s squid and octopus exports in October 2021 were worth USD 66.8 million (EUR 59.2 million), an increase of 14 percent year-on-year, with squid accounting for around 51.5 percent and octopus 48.5 percent, according to the Vietnam Association of Seafood Exporters and Producers (VASEP). The growth in the month offset a two-month decline in August and September, helping lift year-to-date sales through October to USD 473.8 million (EUR 420 million), up 4 percent from the same period in 2020.
But Vietnam’s processors are having more trouble sourcing squid and octopus as a result of the COVID-19 pandemic. Skyrocketing shipping costs have also impacted the capacity of exporters to deliver on orders.
Vietnam’s top markets for squid and octopus thus far in 2021 have been South Korea, Japan, Thailand, the E.U., and China, which together accounted for 97 percent of Vietnam’s squid and octopus export value in the first 10 months of the year.
In October, Vietnam shipped squid and octopus worth USD 28.8 million (EUR 25.5 million) to South Korea, its largest buyer, rising 16 percent year-on-year. South Korea’s squid and octopus imports from Vietnam have risen 3 percent thus far in 2021 to reach USD 194.5 million (EUR 172.4 million).
Sales to the E.U., the fourth-largest destination for squid and octopus from Vietnam, totaled USD 6.5 million (EUR 5.8 million) in October, 11 percent higher year-on-year. Year-to-date, the E.U.’s Vietnamese squid and octopus imports are up 27 percent to USD 48.9 million (EUR 43.3 million), with Italy, the Netherlands, and Spain being the largest buyers in the bloc.
China was also a major destination for squid and octopus from Vietnam, with sales growing consecutively since August.
VASEP said it expects Vietnam’s overall squid and octopus exports to reach USD 590 million (EUR 523 million) in 2021, up 13 percent from 2020.
Photo courtesy of VASEP
