South Korea – The ideal destination for squid and octopus
South Korea continues to be the largest market for Vietnamese squid and octopus, representing over 40% of the total export value.
According to Vietnamese Customs data, octopus has been the primary export item from Vietnam to South Korea in the first half of 2024, accounting for 71.9% of the export volume, while squid made up 28.1%. Among these, dried, salted, live, fresh, and frozen octopus products contribute to 68% of the total export value for squid and octopus. This category saw an 18% increase, whereas processed octopus (HS 16) experienced a 15% decline.
In the first six months of 2024, exports of squid and octopus to South Korea amounted to 114 million USD, reflecting a 13% increase from the same period last year. In Q2 2024, exports reached 58 million USD, up 13% compared to Q2 2023.
Japan’s discharge of nuclear wastewater has affected South Korea’s seafood imports from Japan, and China’s ban on seafood imports from Japan has also led to a decrease in the supply of squid and octopus from China to markets such as South Korea due to a shortage of processing materials. It is anticipated that Vietnam’s squid and octopus exports to South Korea will continue to grow positively in the remaining months of 2024, as the ban on Japanese seafood imports into China remains enforced.
In the initial two quarters of 2024, octopus exports to South Korea have experienced stronger growth compared to squid. Exports of processed and dried/grilled squid have risen by double digits, while fresh and frozen squid exports saw a slight decline of 4%.
South Korea predominantly imports frozen octopus, frozen cut octopus, whole cleaned frozen octopus, skinless dried squid, and frozen squid from Vietnam. The average export price for octopus to South Korea has remained more stable compared to squid. In Q2 this year, the average export price of squid from Vietnam to South Korea has shown a downward trend.
According to ITC data, South Korea’s squid and octopus imports from other countries decreased by 3% in the first half of 2024, totaling 494 million USD. Vietnam is the second-largest supplier of squid and octopus to South Korea, trailing behind China. China and Vietnam together account for 46% and 24% of South Korea’s total squid and octopus import value, respectively.
In 2024, South Korea’s seafood imports are projected to rebound as the Korean economy is expected to recover. By the end of 2024, the Korean won is also anticipated to strengthen.
VFM
