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Photo: Union Forsea Corp.
Mackerel Mania: South Korea's Imports Skyrocket, Driven by Norwegian Dominance
SOUTH KOREA
Wednesday, April 09, 2025, 00:10 (GMT + 9)
Norway's Grip Tightens as South Korea's Frozen Mackerel Imports Soar 55% in Q1
South Korea's appetite for frozen mackerel surged in the first quarter of 2025, with imports climbing by an impressive 55% year-over-year, signaling a strong upward trend in demand.
March alone saw South Korea import 5,397 tons of frozen mackerel, an 86% increase compared to the 2,901 tons imported in March 2024. This contributed to a total Q1 import volume of 25,454 tons, up from 16,400 tons during the same period last year – representing approximately 11% of the nation's total seafood imports of 234,669 tons.
Norway overwhelmingly dominated the supply chain, accounting for a commanding 85% of total frozen mackerel imports with 21,663 tons. China followed with a distant 9% (2,277 tons), while the Netherlands (793 tons) and the United Kingdom (375 tons) held smaller shares.
The average import prices per kilogram varied by country:
- Norway and the UK: USD 2.75/kg
- China: USD 1.92/kg
- Netherlands: USD 2.68/kg
The surge in import volume was mirrored by significant value growth. The import value in March 2025 reached USD 13.64 million, a substantial 109% increase from the USD 6.51 million recorded in March 2024. Consequently, the total import value for Q1 stood at USD 67.62 million, marking an 85% increase from the USD 36.49 million in the corresponding period of the previous year.
The average import price per kilogram rose to USD 2.66, a 19% increase from the USD 2.23 observed in Q1 2024.
Despite the increased import volumes, domestic wholesale prices for mackerel remain elevated, a trend anticipated to persist into the second quarter.
A notable development in Q1 2025 was the diversification of South Korea's frozen mackerel import sources. The country expanded its supplier base from just four nations in 2024 to ten in 2025, with new entrants including the United Kingdom, France, and Germany.
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Source : Union Forsea Corp.
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