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In 2021, South Korea will significantly increase the import of processed squid from Vietnam!

 Last Update: 2022-03-02
 Source: Internet
 Author: User

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South Korea remains Vietnam 's largest import market for squid and octopus , accounting for 41 percent of Vietnam's total exports .
Vietnam's squid and octopus exports to South Korea recovered well in the fourth quarter of 2021 after declining in the third quarter of 2021, with exports worth US$82.
1 million, a 20% increase from the same period in 2020 .
Exports to this market will reach $247.
9 million in 2021, an increase of nearly 7% over 2020 .

According to Vietnam Customs statistics, octopus is Vietnam's main export product to this market in 2021, with frozen octopus products accounting for 78% of the total export value
.
Enjoying a 0% tariff preference helped Vietnam increase its supply of live and frozen octopus to the Korean market
.
In contrast, exports of dried/grilled squid and fresh/live/frozen squid products fell by 23% and 7%, respectively
.
Exports of processed octopus and dried/salted/live/fresh/frozen octopus products increased by 3% and 13% respectively
.
Exports of processed squid increased the most at 52%
.

South Korea mainly imports Frozen Octopus, Frozen Whole Octopus, Frozen Octopus, Frozen Processed Octopus, Dried Peeled Squid, Frozen Processed Squid, Frozen Sushi Squid, Frozen Cleaned Cuttlefish Fillets, Frozen Cleaned Whole Cuttlefish, Frozen Pine Cone Cut Squid, Frozen button squid.
.
.

　　According to ITC data, South Korea's imports of squid and octopus from other countries fell by 6.
7% in the first 11 months of 2021, with imports exceeding US$880 million
.
Vietnam ranks second behind China in supplying squid and octopus to South Korea
.
Frozen octopus is the most imported product in Korea, accounting for 39% of the total imports of squid and octopus products in this market
.

　　According to kita.
org, Vietnam is the largest supplier of frozen octopus (HS 030752) to South Korea with a 43 percent market share
.
China came in second with a market share of 41%
.
Vietnam and China are the two largest suppliers of frozen octopus to South Korea, occupying an overwhelming market share
.
In 2021, South Korea increased its imports of frozen octopus from these two sources, with imports from China increasing more than imports from Vietnam
.

　　Frozen squid (HS 030743) is the second largest imported product in Korea
.
China is South Korea's largest source of this product, accounting for 38% of the market
.
Vietnam ranked third with a 16% market share
.
In 2021, South Korea will reduce imports of this product from China, while increasing imports of this product from Vietnam
.

Squid octopus import and export

Customs frozen

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