Steady growth in squid and octopus exports to Japan

As of June 15, 2022, Vietnam’s exports of squid and octopus to Japan reached $67 million, up 41% over the same period last year. Since the beginning of this year, the demand for Japanese squid and octopus imports from Vietnam has grown quite steadily.

Japan is Vietnam’s second largest import market of squid and octopus after South Korea, accounting for 22% of Vietnam’s total export value of squid and octopus. Vietnam’s squid and octopus exports to Japan in the first 5 months of this year ranged from 19%-67% over the same period last year.

In the structure of squid and octopus of Vietnam exported to Japan, octopus accounts for 52%, the rest is squid. The most exported products include frozen octopus, frozen processed octopus, frozen blanched processed octopus, frozen cleaned squid, frozen breaded octopus, frozen cuttlefish, squid frozen sliced, frozen squid fillet, frozen boiled cut octopus…

According to data from the World Trade Center (ITC), in the first four months of 2022, Japan’s imports of squid and octopus reached over US$351 million, up 7% over the same period last year. China is the largest supplier of squid and octopus to Japan, accounting for an overwhelming market share of 57% of the total import value of Japanese squid and octopus. Vietnam ranked second, accounting for 12% market share.

Among the top 5 main suppliers of squid and octopus to Japan in the first 4 months of this year, imports of squid and octopus from Vietnam have the highest growth rate of 32%, China only increased by 10% while imports from Thailand decreased by 14%. .

Frozen squid (HS 030743) and processed squid (HS 160554) are the two products most imported into Japan. Import value of these two products into Japan in the first 4 months of this year increased by 7% and 4% respectively. In the structure of squid and octopus products imported into Japan as of April this year, imports of processed octopus (HS 160555) increased the most by 43% while Japan decreased imports of 2 items of squid with HS code 030749 and octopus HS code 030759, discount 10% and 45% respectively.

The cost of shipping freight to Japan is not as high as compared to long-distance shipping routes such as the US and EU, the inflation rate in Japan is also lower than the inflation rate in the US and EU. This is considered as one of the advantages for maintaining squid and octopus consumption in this market.