STRONGLY INCREASE VIETNAM'S SQUID AND OCTOPUS EXPORTS TO THE US

The US is currently Vietnam's 6th largest import market of squid and octopus, accounting for 2.7% of Vietnam's total export value of these items to markets. As of September this year, Vietnam's squid and octopus exports to the US have consistently achieved positive growth of 2 to 3 numbers. Notably, growth in April and September reached over 100%.

In the first 9 months of this year, the US was the only market among the top 6 major import markets to record positive growth. The US-China trade war escalates, the US raises a 30% tax on some squid and octopus products imported from China, creating more opportunities for Vietnam's squid and octopus export enterprises to the US.

The US imports from Vietnam more squid products than the octopus. The main products of squid, octopus exported from Vietnam to the US include dried squid, seasoned squid, caramelized dried squid (HS 03074929) are priced from USD 8.5-10/bag (CIF), frozen cuttlefish (HS 03074310) is priced from 14.2-17.5 USD/kg (CFR), frozen whole cleaned octopus (HS 03075200) is priced from 1.5-1.7 USD/pound, octopus frozen processing (HS 16055500) is priced from 10.5 to 17.4 USD/kg.

According to ITC, US squid and octopus imports in the first 8 months of this year decreased by 20% compared to the same period last year. Spain is the largest source of squid and octopus for the US, accounting for 27% of the total value of imported squid and octopus into this market, China ranked second, accounting for 25%. Vietnam ranked 10th on supplying squid and octopus to the US, accounting for 3.3% market share.

Source: http://vasep.com.vn