Slight decline in Vietnam’s squid and octopus exports
Vietnam’s squid and octopus exports showed signs of recovery in late 2024 but couldn’t offset earlier declines. Total revenue reached USD 656.95 million, down 0.5% from 2023. In January 2025, exports fell 15% year-over-year, reversing the late-2024 uptick.
Vietnam exports squid and octopus to 70 different markets, with the top 10 including South Korea, Japan, China & Hong Kong, Thailand, the US, Malaysia, Italy, Taiwan, Spain, and Belgium, collectively accounting for 95% of total export value.
South Korea continued to be Vietnam’s top importer of squid and octopus, making up nearly 40% of total export value. In 2024, shipments to this market reached USD 260 million, a 5% increase compared to the previous year. Exports to South Korea initially declined in the middle of 2024 but rebounded toward the year’s end, supported by the country’s economic recovery in the fourth quarter, which boosted consumer demand, including for seafood products.
Similarly, exports to China and Hong Kong also saw a strong recovery, making them the fastest-growing among Vietnam’s top four seafood markets. After a slight drop in the first half of the year, shipments to these destinations rebounded in the last two quarters.
Exports to the US performed well, increasing by 11.6% to reach USD 22.97 million in 2024. The steady growth across all quarters suggests a promising future for Vietnamese squid and octopus in the US market, likely due to strong demand for imported seafood.
On the other hand, exports to Japan declined by 8%, with total revenue amounting to USD 139.34 million. Throughout 2024, Japan’s imports from Vietnam remained on a downward trend, largely due to the nuclear wastewater discharge issue and China’s ban on Japanese seafood imports, which had a ripple effect on Japan’s entire seafood trade. These challenges contributed to weaker demand for Vietnamese squid and octopus in late 2023 and throughout 2024.
The EU market also experienced a significant decline of 21%, with export value dropping to USD 35.55 million. While the overall European market struggled with declining imports, Spain showed some signs of recovery in the second half of the year.
In 2025, Vietnam’s squid and octopus exports are expected to experience regional variations. Demand in key markets like South Korea, the US, and China is projected to remain stable or see modest growth. However, the EU and Japan may continue to face difficulties due to consumption trends and import policy constraints.
Rising input costs and logistics expenses will remain key challenges for Vietnamese seafood exporters, influencing overall profitability in the coming year.
VFM
