South Korea Boosts Cephalopod Imports from Vietnam

South Korea remains the largest consumer of Vietnam's cephalopod, accounting for over 40% of the total export value. In the first six months of this year, cephalopod exports to this market reached 114 million USD, a 13% increase compared to the same period last year. In the second quarter of 2024, cephalopod exports to South Korea reached 58 million USD, up 13% year-on-year.

South Korea has continued to be a major market for Vietnam's cephalopod exports, with steady growth observed in the first half of 2024. The second quarter saw particularly strong performance, with May and June recording double-digit increases.

The sustained demand from South Korea, coupled with reduced imports from other sources like Japan and China due to factors such as Japan's nuclear wastewater discharge and China's import ban on Japanese seafood, has benefited Vietnam's exporters.

Vietnam's octopus exports have been particularly strong, accounting for 71.9% of the total value to South Korea in the first half of the year. The dried/salted/live/fresh/frozen octopus segment saw a notable 18% increase, while the processed octopus group experienced a 15% decline.

South Korea primarily imports frozen octopus, frozen octopus cuts, cleaned frozen whole octopus, skinless dried squid, and frozen squid tubes from Vietnam.

The average export price of octopus to South Korea has been more stable than that of squid. In the second quarter of this year, the average export price of Vietnamese squid to South Korea showed a downward trend.

According to ITC data, South Korea's imports of cephalopod from all countries decreased by 3% to $494 million in the first six months of 2024. Vietnam ranked second in supplying cephalopod to South Korea, after China. China and Vietnam accounted for 46% and 24% of South Korea's total cephalopod imports, respectively.

In the first half of 2024, among the top three suppliers, imports from China and Vietnam increased, while imports from Peru decreased significantly. South Korea's imports of frozen octopus increased, while imports of frozen squid decreased in the first six months of the year.

In 2024, South Korea's seafood imports are expected to rebound as the Korean economy is forecast to recover. The South Korean won is expected to appreciate by the end of 2024.

In South Korea, demand for ready-to-eat, processed, and preserved foods is rapidly increasing. This information may be a positive signal for Vietnam's cephalopod exports to South Korea in 2024.

Source: VASEP