IN BRIEF - Frozen Cod Imports Drop by Half Compared to Last Year
SOUTH KOREA
Monday, November 25, 2024
The volume of frozen cod imports to South Korea in 2024 has more than halved compared to the previous year.
South Korea imported 504 tons of frozen cod in October, a 41% decrease from the 848 tons imported during the same period last year. Cumulative imports from January to October totaled 5,250 tons, down 50% from 10,569 tons in the same period in 2023. Frozen cod accounted for just 0.72% of the total seafood imports of 732,192 tons.
Most frozen cod imports came from Russia, which supplied 96% of the total volume, or 5,029 tons. The remaining imports were sourced from the United States (125 tons), Canada (75 tons), and China (20 tons). By country, import prices were USD 3.06/kg for Russian cod, USD 2.73/kg for U.S. cod, USD 2.60/kg for Chinese cod, and USD 1.88/kg for Canadian cod, with Canadian cod being the cheapest.
In monetary terms, frozen cod imports in October amounted to USD 1.13 million, a 52% decrease from USD 2.35 million in the same period last year. Year-to-date import value stood at USD 15.94 million, down 59% from USD 39.14 million in 2023. The average import price per kilogram was USD 3.04, an 18% decline from USD 3.70 in the same period last year.
For reference, the domestic wholesale price of frozen cod (Russian origin, 18.5kg, size L) is trading at approximately KRW 88,000 (USD 62.82).
ABANCA has renewed its collaboration agreements with the OP ANACEF Professional Fishermen's Organization and the Port and Ría de Marín Fishing Producers' Organization (OPROMAR), reaffirming its commitment to the entire maritime value chain.
The signing ceremony, held in Marín, was attended by José Luis Ramírez (ABANCA), Francisco Freire Lino (OP ANACEF), Claudino González (OPROMAR), and Javier Fraga (ABANCA Mar). The meeting served to map out a joint roadmap to tackle challenges such as rising costs, the lack of generational renewal, and the current geopolitical situation.
Sustainability is the core focus of the agreement. Through ABANCA Mar (a specialized unit active since 2016), the bank offers a tailored product catalog where credit takes center stage. A key highlight is the naval mortgage, designed to upgrade the fleet with more efficient vessels.
These comprehensive solutions—including credit lines, loans, and advanced sustainable subsidy payouts—will benefit 18 freezer trawlers from OP ANACEF and 30 fishing companies from OPROMAR.
The volume and value of tuna bearing the Marine Stewardship Council (MSC) label grew in fiscal year 2025-2026. Globally, sales of MSC-certified tuna increased by up to 100,000 tonnes compared to the previous year, representing a rise of over 39%. Similar trends were observed in various markets, driven by both branded and private label brands in Europe and North America.
According to the latest MSC Responsible Tuna Yearbook, sales of MSC-certified tuna exceeded 400,000 tonnes in fiscal year 2025-2026. The yearbook shows that MSC-certified fisheries caught a total of 3.1 million tons of tuna in 2025, representing more than half of the global wild tuna catch of major commercial species.
Source: Industrias Pesqueras | Read the full article here
Salmon accounted for 65% of the value of Norwegian seafood exports to the UK in 2025, the Norwegian Seafood Council has announced. At the same time, consumption increased in both the grocery and catering markets, with 8% growth in home consumption and 20% more servings outside the home.
Salmon is the UK’s most popular fish, with sales of domestic and imported fish in the 12 months to August 2025 rising 7.2% to £1.5 billion amid rising demand.
Bjørn-Erik Stabell of the Norwegian Seafood Council believes that the seafood industry must be clearer about marketing seafood as a natural source of protein.
The Norwegian Seafood Council’s UK director, Bjørn-Erik Stabell, describes salmon as the fastest growing source of protein in the British catering market measured in number of servings.
Author: Kyst redaksjonen / fishfarming expert | Read the full article here
Bord Iascaigh Mhara (BIM) has announced the opening of a new support scheme aimed at assisting owners of registered fishing and aquaculture vessels in managing rising fuel costs.
Application Timeline
The scheme officially opened for applications on 21 May 2026. Interested applicants have a limited window to apply, as submissions will close at 5:00pm on 12 June 2026. BIM has advised that late applications will not be accepted, urging eligible vessel owners to submit their applications in advance of the deadline.
Further details on eligibility criteria and application processes are available here. Vessel owners are encouraged to review the requirements carefully and apply within the specified timeframe.
According to data compiled by the Miyagi Prefecture Fisheries Co-operative, market values for farmed coho salmon (gin-zake) are currently facing a downward trend. As of May 20, average cumulative prices have dropped by 8%, hitting a low of $5.11 per kilogram (812 Yen).
The recent figures show a clear decline compared to the much higher price ranges recorded during the exact same period in the previous year. Landings are still progressing across key distribution hubs, with the underlying data originating from the combined market locations of Onagawa, Ishinomaki markets, and the Shizugawa operations office.
Industry experts note that all listed unit prices are calculated excluding consumption tax. Despite steady shifting market values, overall aquaculture revenues in Miyagi Prefecture are experiencing pressure due to this ongoing price slump.
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Salmon is the UK’s most popular fish, with sales of domestic and imported fish in the 12 months to August 2025 rising 7.2% to £1.5 billion amid rising demand.
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