Exports of Vietnamese cuttlefish and octopus reached over USD 138 million in quarter 1 of 2023, down 11% from the same period last year.
As compared to other key exported aquatic products, Vietnam saw a slight decline in exporting octopus and cuttlefish.
Businesses related to octopus and cuttlefish exports have to face difficulties in materials and production costs. Besides, the unremoved IUU yellow card is still posing threats to the exportation of cuttlefish and octopus.
Cuttlefish accounted for 54.4% and octopus accounted for 45.6% of the total export value of these two species. In quarter I of 2023, exports of cuttlefish declined by 12% while exports of octopus reduced by 11% from the same period last year.
Vietnamese cuttlefish and octopus products were exported to 43 markets in quarter I of 2023, while it was 47 in the same period last year.
The top ten importers of Vietnamese cuttlefish and octopus are Korea, Japan, Thailand, China and Hongkong, Italy, Malaysia, Spain, France, the Philippines, Taiwan, accounting for 91% of the total export value of these two species.
Japan, Thailand, and Korea are the top three importers of Vietnamese cuttlefish, accounting for 25.2%, 17.4%, and 16.2% respectively. Exports of cuttlefish to Japan rose by 12% in the first quarter this year while exports of cuttlefish to Thailand and Korea declined by 10% and 3% respectively.
Korea, Japan, and the US are the top three buyers of Vietnamese octopus, accounting for 59.4%, 29.2%, and 2.2% respectively. Exports of octopus to these three markets declined in quarter I of 2023.
Korea has remained as the biggest importer of Vietnamese cuttlefish and octopus, accounting for 36% of the total export value. The country achieved nearly USD 50 million from exporting cuttlefish and octopus to Korea, down 10% from the same period last year.
Octopus is the key exported category to this market, accounting for 75.7% while exports of cuttlefish just accounted for 24.3%. The most exported product was frozen octopus, accounting for 71% of the total export value of cuttlefish and octopus. Exports of processed octopus products increased by 73% in the first quarter of 2023.
Japan is the second biggest market of Vietnamese cuttlefish and octopus, accounting for 27%. As compared to Korea, exports of cuttlefish and octopus to Japan showed better signs. In quarter 1 of 2023, Vietnam achieved USD 37 million from exporting these two species to Japan, up 4% from the same period last year.
The total catches of cuttlefish and octopus in Japan has been declining amidst rising demand. This has undoubtedly led to an increase in sales of Vietnamese cuttlefish and octopus to this market.
The exports of cuttlefish and octopus to Japan accounted for 49.3% and 50.7% respectively of all the total export value of these two species to this market.
In quarter I of 2023, exports of octopus to Japan surge by 12% while exports of cuttlefish slightly drop by 3%. A noticeable increase in sales of processed cuttlefish was recorded, up 41%, reaching USD 2 million; however, exports of dried and grilled cuttlefish sharply declined by 100%.