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South Korea likes Vietnamese squid and octopus

Released at: 16:10, 11/10/2017

South Korea likes Vietnamese squid and octopus

Photo: VNP

Country maintains top position, with imports accounting for 34% of total.

by Tue Lam

South Korea continues to be the Number 1 importer of squid and octopus from Vietnam, accounting for 34 per cent of total exports, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

As at August, the country had imported squid and octopus worth $136 million this year, for growth of around 40 per cent year-on-year.  

The total value of squid and octopus exports in the first eight months of this year reached $402 million, up 55 per cent year-on-year. Fresh and frozen squid products accounted for the highest proportion, at over 39 per cent.

Squid and octopus have maintained stable export growth, largely due to the flexibility of exporters in adjusting product structures and markets.

Japan and China are also major importers of Vietnamese squid and octopus, with global production and a favorable exchange rate being factors behind Japan increasing its imports from Vietnam.

It imported over $94 million worth of squid and octopus from Vietnam in the first eight months, an increase of 43 per cent year-on-year.  

China recorded the highest growth in the first eight months, up 182 per cent year-on-year to $30 million.

Vietnam has also become the largest provider of shrimp to South Korea, with a 49 per cent market share. The result comes one year after the free trade agreement between the two countries became effective.

South Korea continues to be Vietnam’s largest source of imports, with a nine-month trade deficit of $23.3 billion, up nearly 58 per cent year-on-year, Mr. Nguyen Bich Lam, General Director of the General Statistics Office (GSO), told a press conference on September 29 announcing socioeconomic figures for the first nine months of the year.

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