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South Korea's Frozen Mackerel Imports Decline by 14% in 2024

SOUTH KOREA
Wednesday, January 08, 2025, 06:40 (GMT + 9)

South Korea imported 11,708 tons of frozen mackerel in December 2024, marking a 3% increase compared to 11,367 tons in December 2023.

However, the cumulative import volume for 2024 was 40,928 tons, a significant 14% decline from the 47,787 tons imported in 2023. This figure represents approximately 4.5% of South Korea's total seafood imports, which amounted to 901,242 tons.

Key Exporters and Import Prices

Norway dominated frozen mackerel exports to South Korea in 2024, contributing 93% of the total imports with 38,204 tons. China followed with 1,569 tons (4%), while smaller contributions came from the Netherlands (848 tons) and Germany (95 tons). The average import prices per kilogram were as follows:

• Norway: USD 2.44
• China: USD 2.28
• Netherlands: USD 2.16

Import Value Trends

In December alone, the value of frozen mackerel imports surged by 26%, reaching USD 31.85 million compared to USD 25.31 million in December 2023. Despite this monthly increase, the cumulative value for 2024 fell by 5% to USD 98.99 million, down from USD 104.58 million in 2023. The average import price for the year rose to USD 2.42/kg, an 11% increase from the USD 2.19/kg recorded the previous year.

Domestic Market Reference

In the domestic market, the wholesale price for frozen mackerel is approximately KRW 98,000 per 20kg package, based on the standard 400/600 size grading.

Outlook

The decline in annual imports reflects changes in market demand, supply chain dynamics, and possibly shifting consumer preferences. Despite this, Norway's continued dominance and the rise in average import prices underscore its strong position as the primary supplier of frozen mackerel to South Korea.

Source: Union Forsea Corp.

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