According to the Vietnam Association of Seafood Exporters and Producers (VASEP), South Korea is still Vietnam's largest market for squid and octopus, accounting for more than 40% of total export value. In the first 6 months of this year, squid and octopus exports to this market reached 114 million USD, up 13% over the same period. In the second quarter of 2024, squid and octopus exports to South Korea reached 58 million USD, up 13% over the same period in 2023.

Continuing the upward trend from 2023, in the first half of this year, squid and octopus exports to Korea still maintained positive growth. In the 3 months of the second quarter of 2024, squid and octopus exports to this market grew positively, especially exports in May and June grew by double digits.

Vietnamese squid and octopus are popular in the Korean market.

Demand for squid and octopus in Korea remained stable in the first half of this year. In addition, Korea reduced imports from other sources such as Japan, China, and Peru, so it increased imports from Vietnam.

Japan's nuclear waste discharge has reduced South Korea's demand for seafood imports from Japan. China's ban on seafood imports from Japan has also reduced the supply of squid and octopus from China to markets such as South Korea due to a shortage of raw materials for processing. It is expected that Vietnam's squid and octopus exports to South Korea will continue to grow positively in the following months of 2024 as the ban on Japanese seafood imports into China has not been lifted.

According to statistics from Vietnam Customs, octopus is Vietnam's main export product to the Korean market in the first half of 2024, accounting for 71.9%, squid accounting for 28.1%. Of which, the most are dried/salted/live/fresh/frozen octopus products, accounting for 68% of the total export value of squid and octopus products. This product group increased by 18% while the processed octopus group (HS 16) decreased by 15%.

In the first two quarters of 2024, octopus exports to Korea grew more strongly than squid. Exports of processed squid and dried/grilled squid increased by double digits while exports of fresh/frozen squid decreased slightly by 4%.

Korea mainly imports from Vietnam frozen octopus, frozen cut octopus, frozen whole cleaned octopus, skinless dried squid, frozen button squid...

The average export price of octopus to Korea is more stable than that of squid. In the second quarter of this year, the average export price of squid from Vietnam to Korea tended to decrease.

According to data from the International Trade Center (ITC), South Korea's squid and octopus imports from other countries in the first 6 months of 2024 decreased by 3%, reaching 494 million USD. Vietnam ranked second in supplying squid and octopus to South Korea, after China. China and Vietnam accounted for 46% and 24% of the total import value of squid and octopus to South Korea, respectively.

In the first 6 months of 2024, among the 3 main sources, squid and octopus imports from China and Vietnam increased while imports from Peru decreased sharply. In the first 6 months of this year, Korea's frozen octopus imports increased while frozen squid imports decreased.

In 2024, South Korea's seafood imports are likely to increase again as the Korean economy is expected to recover. By the end of 2024, the Korean currency is expected to appreciate.

In Korea, the demand for cooked, processed and preserved foods is increasing rapidly. This information could be a positive signal for Vietnam's squid and octopus exports to Korea in 2024.