Vietnam raked in US$62 million from exporting squid and octopus in January, up 45% year on year, of which the Republic of Korea (RoK) represented the largest export market, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

Specifically, the export of these products to the RoK skyrocketed by 67% to US$26 million in value compared to the same period last year.

Industry insiders pointed out that Japan’s nuclear wastewater discharge has contributed to reducing the RoK’s demand for seafood imports from Japan.

Meanwhile, although China makes up the largest supplier of squid and octopus to the RoK market, its recent ban on seafood imports from Japan has caused the supply source of the products from this market to decline due to a shortage of processing materials.

As a result, Vietnamese squid and octopus exports to the RoK are anticipated to continue to grow positively in the first quarter of the year as the Chinese ban on importing Japanese seafood has not yet been lifted.

Moreover, exports of the aquatic products to Japan also edged up by 19% to US$13 million in January, while exports to China and Hong Kong (China) saw three-digit growth at 151%, earning a turnover of US$7 million.

Vietnamese squid and octopus exports to the EU fell by 17% to nearly US$4 million in January due to the impact of the yellow card against the Illegal, unreported and unregulated (IUU) fishing imposed by the European Commission and global high inflation that has forced consumers to tighten their belt.

VOV