China’s squid and cuttlefish import market reached a new high in April 2026 as massive arrivals from South America and returning distant-water fishing fleets pushed the industry into a high-inventory cycle.
According to the latest trade data, China imported 63,071 tons of squid and cuttlefish products in April, with a total import value approaching US$160 million. This marked the highest monthly import volume recorded during the first four months of the year and reflected a sharp acceleration in global squid supply entering the Chinese market.
Concentrated Restocking Demand
The surge comes as seafood processors in China move out of the traditional post-Spring Festival inventory digestion phase. From January to March, many processing plants focused on consuming existing frozen raw material stocks while waiting for international orders to recover after the holiday season. By April, concentrated restocking demand coincided with the peak squid fishing season in the Southern Hemisphere, triggering a wave of imports from South American fishing grounds.
Compared with March, China’s squid and cuttlefish import volume increased by 52.7%, while import value rose 46.9%. Despite the rapid influx of supply, market prices remained relatively stable. The average import price declined only slightly from US$2.63/kg in March to US$2.53/kg in April, suggesting that downstream demand from processing and foodservice sectors remained resilient.
Supply concentration in the market remains extremely high. Although more than 200 countries and regions exported cephalopod products to China in April, the top three suppliers accounted for 58.8% of total imports, while the top ten suppliers represented 92.6% of overall volume.
Peru continued to dominate the market
Peru continued to dominate the market as China’s largest squid supplier. In April, Peru exported 23,346 tons of squid products to China, representing approximately 37% of total imports for the month. Supported by abundant jumbo squid resources in the Southeast Pacific, Peru maintained a large-scale, low-cost supply strategy with an average export price of only US$1.87/kg. In addition to raw materials, Peru also exported 2,611 tons of processed squid products to China at an average price of US$3.16/kg, highlighting its growing processing capacity alongside raw material supply.
Vanuatu China’s second-largest squid supplier
Vanuatu emerged as the biggest surprise in April’s trade data. Exports to China surged to 11,863 tons, up 235.7% from March, making Vanuatu China’s second-largest squid supplier during the month. Industry participants believe the increase was largely driven by the simultaneous return of Chinese-operated, Vanuatu-flagged distant-water fishing vessels unloading catches at the same time. Product prices averaged around US$2.70/kg, positioning Vanuatu between low-cost bulk raw materials and higher-end squid products.
Argentine squid supply remains highly seasonal
Argentina also recorded explosive growth in exports to China. Imports of Argentine shortfin squid reached 5,720 tons in April, compared with only 617 tons in March, representing a monthly increase of more than 826%. The average import price reached US$3.21/kg, significantly higher than bulk raw material prices from Peru. However, market participants note that Argentine squid supply remains highly seasonal and could decline quickly once local fishing quotas are exhausted.
High-end frozen squid
While South American suppliers continue focusing on large-scale raw material exports, Indonesia remains positioned in the premium squid segment. In April, Indonesia exported 3,866 tons of squid products to China worth US$16.52 million, with an average price of US$4.27/kg — nearly 69% higher than the global average import price during the month. Most shipments consisted of high-end frozen squid varieties, including cuttlefish and Indian squid, primarily targeting premium catering channels in China and Japan.
The latest import data also reinforces China’s role as one of the world’s largest cephalopod processing hubs. Large volumes of squid and cuttlefish are imported into the country for grading, processing, and re-export. Shandong Province remains the center of China’s squid processing industry, accounting for more than half of the country’s imported processing volume.
Within Shandong, Rongcheng has developed into one of Asia’s largest squid processing and distribution centers, playing a critical role in the global squid supply chain.
Our insight for the industry
Looking ahead, the combination of strong Southern Hemisphere catches, concentrated vessel unloading activity, and steady downstream demand suggests that China’s squid market could remain in a high-inventory phase during the coming months. However, the market’s ability to absorb large import volumes without a major price correction indicates that global demand for squid products remains relatively strong despite rising supply pressure.
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