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Korean Seafood Import Trends by Major Species until July 2024

SOUTH KOREA
Tuesday, August 06, 2024, 01:00 (GMT + 9)

As of July 2024, South Korea imported a total of 511,277 tons of seafood, marking a 13% decrease compared to  the 588,379 tons imported during the same period in 2023.

The import value also saw a significant drop, with the total amounting to USD 2.228 billion, down 20% from USD 2.797 billion in 2023.

Examining the import volumes of major species, the top 10 imported seafood items were frozen pollock, frozen mackerel, frozen squid, frozen monkfish, frozen small octopus, frozen squid wing, frozen poulp squid, frozen alaska pollock roe, frozen pacific herring, and frozen yellowfin sole.

Among these, six items, including frozen pollock, mackerel, squid wings, poulp squid, pacific herring, and yellowfin sole, saw a decrease in import volumes compared to last year. Meanwhile, the import volumes of frozen squid, monkfish, small octopus, and frozen alaska pollock roe increased.

The changes in import volumes by major species are as follows:

• Frozen Pollock: 10% decrease (84,884 tons > 76,592 tons), accounting for 14.9% of the total import volume
• Frozen Mackerel: 23% decrease (33,226 tons > 25,554 tons), accounting for 5% of the total import volume
• Frozen Squid: 10% increase (19,626 tons > 21,538 tons), accounting for 4.2% of the total import volume
• Frozen Monkfish: 8% increase (18,671 tons > 20,094 tons), accounting for 3.9% of the total import volume
• Frozen small Octopus: 19% increase (12,915 tons > 15,385 tons), accounting for 3% of the total import volume
• Frozen Squid wings: 4% decrease (14,312 tons > 13,779 tons)
• Frozen poulp Squid: 3% decrease (13,129 tons > 12,731 tons)
• Frozen alaska Pollock Roe: 12% increase (11,128 tons > 12,422 tons)
• Frozen pacific Herring: 37% decrease (18,238 tons > 11,418 tons)
• Frozen yellowfin sole: 19% decrease (12,702 tons > 10,338 tons)

These statistics illustrate the variability in import volumes across different species, highlighting the dynamic nature of the seafood market.

Frozen Pollack Imports Increase by 71% in July 2024

In July 2024, South Korea saw a significant increase in frozen pollack imports. 

The total volume of frozen pollack imported during July was 11,093 tons, a 71% increase compared to 6,469 tons in the same period of 2023. The cumulative import volume for the year reached 76,592 tons, a 10% decrease from last year's 84,884 tons. 

As of July, the majority of frozen pollack imports came from Russia, the United States, and China. 

Russia was the leading supplier, providing 75,201 tons (98% of the total imports), followed by the United States with 1,288 tons and China with 103 tons. The import price per kilogram was highest from China at USD 1.63/kg, followed by the United States at USD 1.25/kg, and Russia at USD 0.96/kg.

Source: Union Forsea Corp.

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