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South Korea, EU Increase Vietnamese Cephalopod Imports

Sustainability Economics +3 more

VIET NAM - During 2014, South Korea, the EU, and Japan were the top three importing markets for Vietnamese cephalopod.

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Last year saw attractions for exports to South Korea, a clear rebound in the EU and difficulties in Japanese market, reports VASEP.

By November 2014, cumulative value for cephalopod exports was nearly $438 million, up 8.5 per cent year-on-year. Exports to South Korea rose by 26.8 per cent , to EU increased by 10.2 per cent and Japan declined by 8.6 per cent .

Right from the beginning of 2014, there was a shift in choosing export market, from Japan to South Korea and European countries (Italy, Germany, Spain).

The year 2014 witnessed encouraging developments of Viet Nam cephalopod exports to South Korea.

At the end of 2014, Viet Nam - South Korea FTA brought new opportunities for Viet Nam to export agricultural and fishery products including shrimp, fish and cephalopod.

Tariff levied on cephalopod from Viet Nam will reduce to five per cent in five years. Rapid positive growth rates ranging from three per cent to 58 per cent were seen all year round, except for January, when export value of this item downed by 1.3 per cent year-on-year. In Q2/ 2014, export value increased by 45-58 per cent , compared to Q2/ 2013.

From January to November 2014, Viet Nam cephalopod export value to Japan was $100.98 million, equivalent to 23.1 per cent of total cephalopod export value, down 8.6 per cent year on year. The decline reveals lower demand and fierce competitions with slow sales and high inventory levels.

There was a recovery in the EU market in 2014. Exports to Italy accounted for 11 per cent of total export value, though export value to this market dipped insignificantly by 0.2 per cent . It is noted that cephalopod exports to Spain increased by 107 per cent in 2014. It is forecast that in 2015, cephalopod exports to EU will experience stronger growth, at 15-25 per cent higher than in 2014.

Viet Nam seafood enterprises had to increase imports of raw materials for process and exports. In the first 11 months of 2014, total cephalopod import value reached $36.7 million, up 13.2 per cent year-on-year.

Indonesia, accounted for 17 per cent of total raw cephalopod imports, was the biggest exporter, followed by Taiwan with 15.7 per cent , India with 12.6 per cent , and China with 8.15 per cent.