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).
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The measure defines the potential import volume for three raw materials that are significant to the Japanese industry producing frozen, salted, and canned goods, as well as other processed products.
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Author: Christian Molinari / SeafoodSource | Read the full article here
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Source: The Fish Site | Read the full article here
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Source: fishfarmingexpert | Read the full article here
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