According to VASEP, in May, exports of cuttlefish and octopus reached nearly $42 million, down nearly 25% from last year. The accumulated value in the first five months reached $192 million, down 21.2% compared to the same period last year.
Korea is the biggest destination of Vietnamese cuttlefish and octopus, accounting for 42.6% of the total value of these species going to the world. Sales in Korea decreased by 16.9% in May and 21.2% in the first five months of 2020, reaching $82 million. Japan is the second largest buyer with density accounting for 25%. Sales of these species in Japan reached more than $48 million in the first five months of the year, down 21.7% from last year.
Exports of cuttlefish and octopus to the EU reached $13.5 million in the first five months, down 49% from last year. Italy, German and the Netherlands are core markets of Vietnamese cuttlefish and octopus but saw a decline by 47%, 27% and 38% respectively in May. The fifth buyer is China with density accounting for 7.2%. Sales in this country in May increased by nearly 171%, reaching $5.7 million, and in the first five months jumped by nearly 38% with $13.7 million compared to the same period last year.
China imports mainly frozen clean whole cuttlefish, classified frozen squid, frozen crispy Tempura cuttlefish, dried cuttlefish, frozen cut octopus, frozen whole octopus from Vietnam.
While COVID-19 pandemic has not been contained in the world and materials are in short supply, global demand in cuttlefish and octopus as well as Vietnam’s exports of these species are forecasted to keep falling.