By Kim Thu - VASEP
Saturday, May 2 2020, 12:49 PM (GMT+7)
In March 2020, Vietnam's squid and octopus exports reached US $ 41.6 million, down 20.3% compared to March 2019. In the first quarter of this year, the export of squid and octopus reached US $ 107.4 million, down 24% compared to the same period last year. The impact of Covid-19 pandemic has reduced the demand for the product and created difficulties in materials for production, causing Vietnam's squid and octopus exports in the first quarter of this year to continue its downward trend starting from 2019.
Of the total export value of Vietnamese cephalopods, squid accounted for 53.2% and octopus 46.8%.
Korea is still the largest import market of Vietnamese cephalopods, accounting for 41% of the total export value of these products of Vietnam to global markets. Vietnamese cephalopods exports to South Korea decreased by 27.4% in March 2020 and decreased by 27.6% in the first quarter of 2020, reaching US $ 44.5 million.
Whole Clean Squid Skin On For Export To Korea. Credit: Silvera Food
Japan ranked second in importing the products from Vietnam, accounting for 27%. Vietnamese cephalopods exports to Japan in the first quarter of this year reached US $ 29 million, down 19.5% over the same period in 2019.
Vietnamese cephalopods exports to the EU in the first quarter of this year reached US $ 8.7 million, down 36.5% compared to the same period in 2019. Italy, Spain and Germany were the largest import markets for these products from Vietnam. In March this year, export of cephalopods to Spain increased by 29% while exports to the remaining two markets Italy and Germany decreased by 55% and 49% compared to the same period in 2019.
Baby Octopus Whole Clean For Export To Markets Worldwide. Credit: Silvera Food
In the first quarter of this year, the exports of these products to Israel reached only US $ 1.3 million but recorded a strong growth of 283%.
In the context that the Covid pandemic has not been controlled worldwide, the demand for imported squid and octopus in the coming time will still decrease because the restaurants remain closed as one of the prevention measures to contain the virus spread, which also include limitation of people’s outdoor activities, travelling and goods transportation. The shutdown of the hotels and the closure of schools will also reduce the demand for squid and octopus imports.
The virus outbreak has also caused the economy to decline, lowered people's income, people will only consume affordable products, limiting consumption of higher-priced items such as squid and octopus products. Suppliers can focus on selling to online channels, prioritizing frozen, canned, deep-processed products with long shelf life, reducing fresh products due to consumers changing their consumption habits. in the context of the pandemic.