South Korea reduced imports of squid and octopus

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South Korea reduced imports of squid and octopus

China is the largest supplier of squid and octopus to South Korea, Peru ranked second and Vietnam ranked third. In the first two months of this year, Korea sharply increased imports from Peru while reducing imports from other sources. in which imports from Japan dropped the most.

Korea is the largest import market of Vietnamese squid and octopus, accounting for 42% of Vietnam's total export value of squid and octopus. According to Vietnam Customs data, Vietnam's squid and octopus exports to the Korean market in February 2020 reached US $ 11.3 million, up 13.8% compared to February 2019. In the first two months of this year, Vietnam's squid and octopus exports to this market reached US $ 27.8 million, down 27.7% over the same period last year.

According to data from Union Forsea Corp, in February 2020, Korea's small frozen octopus imports totaled 1,104 tons, down 34% from 1,663 tons in the same period a year earlier.

In the first two months of 2020, Korea's import of this item reached 3,348 tons, down 32% compared to 4,890 tons in the same period last year.

In the 6 years from 2015 to 2020, the average import volume reached 1,922 tons in February, so in February 2020, imports reached 1,104 tons, down 43%.

In February 2020, the main sources of small-sized frozen octopus for Korea were Vietnam, Thailand, China and Indonesia.

Imports from Vietnam reached 2,558 tons (76%), followed by Thailand with 520 tons, China with 126 tons and Indonesia with 121 tons.

In February 2020, South Korea increased its import of frozen squid tubes from the Philippines with 751 tons, an increase of 70% compared to 438 tons of the same period in 2019.

The import volume of this item of Korea in the first 2 months of 2020 reached 3,271 tons, an increase of about 214% compared to about 1,042 tons in 2019.

The main suppliers of frozen squid tubes to Korea include the Philippines, Peru, Chile, China and Indonesia.

In the context that the Covid epidemic spreads quickly around the world, and Korea is also one of the epidemic centers, the demand for Korean squid and octopus will be reduced in the near future due to the restaurant closure due to preventive measures. epidemic, limiting the spread of viruses such as restricting people from going out, restricting travel and cargo activities. The shutdown of the hotel and the closure of schools will also reduce the demand for Korean squid and octopus imports.

Diseases also cause economic growth decline, lower people's income, people will only consume affordable products, limiting consumption of higher-priced items such as squid and octopus products. high class. Suppliers can focus on selling to online channels, prioritizing frozen, canned, deep-processed products with long shelf life, reducing fresh products due to consumers changing their consumption habits. in the context of the disease.

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