HS Code:
The octopus category, classified under HS Code 0307.59 (frozen octopus) and related subcategories, includes various species of octopus traded globally for culinary and industrial purposes. Octopus is a high-value seafood product, often consumed in Mediterranean, Asian, and Latin American cuisines. The trade involves both wild-caught and farmed octopus, with significant demand in countries with strong seafood consumption traditions. The market is influenced by sustainability concerns, fishing quotas, and aquaculture advancements.
Total Trade Volume
Approximately $1.2 billion USD
Data from 2022
Source
United Nations Comtrade Database and FAO Fisheries Statistics
$350 million USD
29.2% of total trade of total trade
Increasing
$200 million USD
16.7% of total trade of total trade
Stable
$150 million USD
12.5% of total trade of total trade
Increasing
$120 million USD
10.0% of total trade of total trade
Stable
$80 million USD
6.7% of total trade of total trade
Increasing
Average Rate
8.5% ad valorem
Highest Rate
20% (imposed by certain South American countries to protect local fisheries)
Lowest Rate
0% (under free trade agreements like EU-Japan EPA)
Rising demand for sustainable seafood
Increased focus on certified sustainable octopus fisheries and aquaculture, driving up costs but also opening premium markets in Europe and North America.
2021-2023
Growth in octopus aquaculture
Innovations in farming techniques, especially in Spain and Mexico, are reducing reliance on wild-caught octopus, stabilizing supply chains and prices.
2020-2022
Fluctuating prices due to environmental factors
Climate change and El Niño events have affected octopus populations, leading to supply shortages and price volatility in key markets.
2019-2022
The renewal of the fisheries partnership agreement between the EU and Morocco in 2023 ensures continued access to Moroccan octopus stocks for European importers, particularly Spain and Portugal.
July 2023
Stabilizes supply for the European market, potentially lowering prices for consumers but raising concerns about overfishing.
A Spanish company successfully closed the breeding cycle of octopus in captivity, marking a significant step toward sustainable aquaculture.
March 2022
Expected to reduce pressure on wild stocks and increase global supply in the long term, though high initial costs may limit immediate impact.
Japan reported a 15% increase in octopus imports in 2022 due to rising domestic demand for seafood amidst declining local catches.
December 2022
Increased competition for global octopus supply, potentially driving up prices for other importing nations.