Photo: Union Forsea Corp.

Norwegian Mackerel Market Update: Imports Soar as Prices Rise

SOUTH KOREA
Monday, August 18, 2025, 00:10 (GMT + 9)

Wholesale prices increase amid a 54% surge in imports, while market dynamics shift with a diversification of suppliers.

According to data from Union Forsea Corp. and other market reports, the Norwegian mackerel market in South Korea has seen significant changes as of August 2025. A notable surge in frozen mackerel imports, coupled with rising wholesale prices, highlights shifting dynamics in the seafood trade.

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Import Volume and Market Share

As of July 2025, South Korea's frozen mackerel imports reached 39,292 tons, a dramatic 54% increase compared to 25,554 tons in July 2024. Norway remains the dominant supplier, accounting for 31,530 tons, which represents over 80% of total imports. China follows with 3,596 tons (9.15% share), while the United Kingdom (1,557 tons) and the Netherlands (1,167 tons) also contribute. This surge has been driven by a growing diversification of suppliers, with new markets like Taiwan and the Faroe Islands entering the supply chain, as reported by the Seafood Media Group.

Price Analysis

The average import price for frozen mackerel up to July 2025 was $2.67/kg, a 19% increase from the previous year. Norwegian mackerel was priced at an average of $2.81/kg, while Chinese mackerel, a more budget-friendly alternative, was imported at $1.85/kg.

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By the third week of August 2025, the wholesale price for Norwegian frozen mackerel in the domestic market showed an upward trend. Wholesale prices for the 300/500g and 400/600g trawl sizes were both around KRW 99,500. Based on an exchange rate of 1,387 KRW to 1 USD, this translates to approximately $71.74 per box (assuming a standard 20 kg box, which is common in the wholesale market). This represents a price increase for both sizes compared to July 2025, when prices were in the KRW 97,000–100,000 range. Specifically, the 300/500g size saw a 3.65% increase from KRW 96,000 ($69.21), and the 400/600g size increased by 1.53% from KRW 98,000 ($70.66).

Market reports indicate that these price increases are partly due to the high global demand for Norwegian mackerel and tighter supply in key markets. Additionally, the quality of the fish is a key factor, with larger mackerel commanding higher prices due to their greater fat content, which is a desirable trait for consumers.

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