Squid And Octopus Exports Are Expected To Rise 15% This Year

Vietnam's squid and octopus exports in January 2023 were estimated at $65.8 million, up 4% from the same month in 2021. Exports for the whole of 2023 are expected to reach $875 million, up 15 percent year on year.

The ongoing conflict between Russia and Ukraine, the absence of Morocco and Peru, two major squid suppliers, and the continued reduction of squid and octopus production in Japan and South Korea will boost Vietnamese squid and octopus exports in 2023.

As global consumption continues to face inflation and sluggish economy in 2023, Vietnamese squid and affordable octopus will be welcomed by the market. Circular No. 06/2012 of the Ministry of Agriculture and Rural Affairs of Vietnam has lifted quarantine regulations on processed raw materials and processed and re-exported frozen seafood, which will help increase the diversity of squid and octopus products by 2023.

Vietnam's squid and octopus exports reached nearly $763 million in 2022, up 25% from 2021. Squid accounted for 55.9 percent and octopus 44.1 percent of squid and octopus products exported. Squid exports increased by 35 percent and octopus exports by 15 percent in 2022 compared with 2021.

In 2022, Vietnam exported squid and octopus products to 63 markets, with the top 10 markets including South Korea, Japan, China, Thailand, Italy, the United States, Malaysia, Israel, Spain and Taiwan, accounting for 92% of Vietnam's total squid exports.