Agriculture & Food

According to the data of Vietnam Fisheries International Trade Export and Processing Association (VASEP), in January this year, Vietnam's squid and octopus international trade exports amounted to about 65.8 million US dollars, up 4% year on year. It is estimated that the total exports of these two products will reach about 875 million US dollars in 2023, with a year-on-year increase of 15%.

Due to the stable demand in South Korea and Japan, the international trade export of Vietnamese squid and octopus will achieve positive growth this year. The Ministry of Agriculture and Rural Development of Vietnam issued Notice No. 6 in 2022 to cancel the quarantine of imported frozen aquatic products, which helped the squid and octopus international trade export enterprises realize the diversification of raw materials.

As world consumers continue to face the impact of inflation and economic stagnation in 2023, Vietnamese squid and octopus processed products will continue to be popular. However, due to the challenges of higher raw materials and input costs faced by enterprises, the impact of the conflict between Ukraine and Russia on global trade, the rise of oil and gas prices, and the rise of global inflation, it is expected that the growth rate of international trade exports of squid and octopus in 2023 will be lower than that in 2022 (the growth rate was 25% last year).