VIETNAMESE CEPHALOPOD EXPORTS TO THE US RISE

Vietnamese cephalopod exports to the US in the first 9 months of 2019 reached US$11.4 million, up 63.7% over the same period in 2018, according to the Vietnam Association of Seafood Exporters and Producers. As of September 2019, Vietnamese exports of this item to the US grew continuously.

The US is currently Vietnam’s 6th largest importer of cephalopod, accounting for 2.7% of Vietnamese total export value of these items to markets. As of September 2019, Vietnamese cephalopod exports to the US have consistently achieved positive growth of 2 to 3 numbers. Notably, the growth rate in April and September reached over 100%.

In the first 9 months of 2019, the US was the only market among the top 6 major importers to record positive growth. As the US-China trade war has been escalating, the US increased a 30% tax on some imported cephalopod products from China, creating more opportunities for Vietnamese cephalopod enterprises to boost exports to the US.

The US imports from Vietnam more squid products than the octopus. The main products of cephalopod exported from Vietnam to the US include dried squid, spiced squid, simmered squid (HS 03074929) with the price ranging from US$8.5- US$10/bag (CIF), frozen cuttlefish (HS 03074310) with the price ranging from US$14.2- US$17.5/kg (CFR), frozen whole octopus (HS 03075200) with the price ranging from US$1.5- US$1.7/pound and frozen processed octopus (HS 16055500) with the price ranging from 10.5 to US$17.4/kg.

According to ITC, US’s cephalopod imports in the first 8 months of 2019 decreased by 20% compared to the same period in 2018. Spain was the largest supplier of cephalopod for the US, accounting for 27% of the total import value of cephalopod into this market, followed by China, accounting for 25%. Vietnam ranked 10th on supplying cephalopod to the US, accounting for 3.3% market share.

Source: www.fishfocus.co.uk