Photo: Dongwon fresh salmon (from Norway) 400g

Fresh Salmon Imports and Value Experience Significant Decline in South Korea

As of October 2024, South Korea’s imports of chilled salmon have dropped significantly compared to the same period in 2023.

In October alone, the country imported 1,226 tons of fresh salmon, reflecting an 18% decline from the 1,487 tons imported in October 2023. Over the year, the cumulative import volume reached 13,487 tons, a 13% decrease from the 15,496 tons recorded during the same timeframe last year. These imports constituted 1.84% of the total seafood imports, which amounted to 732,192 tons.

Norway's Dominance in the Market

Norway maintained its position as the primary supplier, providing 98% of the total imports with 13,256 tons. Other contributing nations included:

• Canada: 85 tons
• Australia: 60 tons
• Chile: 57 tons
• United Kingdom: 29 tons

The import prices varied among suppliers, with Norwegian salmon being the most expensive at USD 12.97/kg, followed by:

• Canada at USD 12.29/kg
• Australia at USD 10.97/kg

Click on the image to enlarge

Import Value Drops Sharply

The total import value of fresh salmon also saw a marked decline. In October 2024, the value stood at USD 13.66 million, a 14% decrease compared to the USD 15.87 million recorded in October 2023. Cumulatively, the value reached USD 174.64 million, a 21% drop from the USD 250.34 million recorded during the same period in the previous year.

The average import price for fresh salmon in 2024 was USD 12.95/kg, a 9% reduction from the USD 14.22/kg observed last year.

Industry Implications

This downward trend highlights shifts in market demand, pricing pressures, or potential competition from other seafood products. Norway’s stronghold in the South Korean market remains robust despite the overall decline, suggesting resilience in its supply chain and brand perception.

This analysis provides valuable insights for stakeholders in seafood trade, aquaculture, and retail industries, emphasizing the need to adapt to changing market dynamics and explore diversified sourcing strategies.

Source: Union Forsea Corp.

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