Photo: Union Forsea Corp.

Korean Frozen Herring Imports Slide 17% in Q3 2025 as Russian Dominance Faces Market Slowdown

Cumulative Volume and Value Decline Sharply Despite a September Spike; Lower Unit Prices Reflect Shifting Supply Dynamics. 

Volume and Value See Significant Contraction

South Korea's imports of frozen herring have experienced a notable downturn through the third quarter of 2025. According to import data analyzed by Union Forsea Corp., the cumulative import volume from January to September reached 9,968 tons, representing a 17% decrease compared to the 12,038 tons imported during the same period in 2024.

The drop in volume was mirrored by an even sharper decline in value. The total import value for the first nine months stood at USD 8.52 million, a 20% decrease from USD 10.59 million last year. This contraction in both metrics indicates a clear slowdown in market activity for frozen herring, which currently accounts for only 1.4% of the country's total seafood import volume of 703,849 tons.

Russia Maintains Supply Grip, Prices Decline

Russia remains the overwhelmingly dominant supplier to the South Korean market, shipping 9,625 tons, which accounts for a staggering 97% of the total nine-month imports. Norway was a distant second with 338 tons, followed by Myanmar with a negligible 5 tons.

The average import unit price also saw a slight decline, falling 3% to USD 0.86/kg from USD 0.88/kg in 2024. Prices varied significantly by origin, with Russian herring priced competitively at USD 0.84/kg, while Norwegian herring commanded a premium at USD 1.32/kg.

Market Dynamics and Context

Despite the cumulative slowdown, September 2025 saw a dramatic monthly spike, with imports soaring to 1,448 tons—a 134% increase from 620 tons in September 2024. The value followed suit, jumping 193% to USD 1.34 million for the month. This monthly surge suggests intermittent restocking or a seasonal recovery that did little to offset the overall year-to-date decline.

Industry insights suggest that the primary reason for the general slowdown in South Korean imports is not necessarily a decrease in global catch, but rather structural shifts in supply from the main source, Russia. Earlier reports in 2025 indicated that increased domestic consumption within Russia was driving down available export volumes, a trend that typically leads to higher unit prices. While the average unit price for the first nine months did decline slightly, the underlying vulnerability of the Korean supply chain to changes in Russian domestic demand remains a key concern.

Union Forsea Corp. affirmed this view, stating that "declining prices and reduced volumes indicate a slowdown in market activity" and that the future prices of herring will be highly dependent on "catch volumes and exchange rate fluctuations."

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