Image: V.Daum / Vasep / FIS
South Korea: Import prices of seafood increased by 13%
Thursday, June 01, 2023, 07:00 (GMT + 9)
According to statistics of Korea Customs, in the first 4 months of this year, this country imported 923 thousand tons of seafood, worth nearly 3.9 billion USD. The average price of seafood imports into Korea reached $4.21/kg, up 13% over the same period last year.
Live seafood is the most imported product into Korea, accounting for 49% of the import value. Main suppliers include Hong Kong, China, Japan, Taiwan, USA, Thailand...
Frozen whole fish accounts for about 26% of the volume and 13% of the value of Korean seafood imports. In the first 4 months of this year, the import prices of these two products both increased by 14% over the same period. The main suppliers are Russia, China, Norway, Taiwan, USA, Chile...
Frozen shrimp, crab and other crustaceans accounted for 10% of Korea's seafood import value, which saw import prices decrease by nearly 15% over the same period, reaching an average of 9 USD/kg. Vietnam is the second largest supplier with nearly 9.5 thousand tons in the first 4 months of this year, behind Russia - the largest supply mainly thanks to crab exports.
Source: Emfron -->
Frozen fillet/cut fish products also accounted for about 9% of the import price, with an average import price of 33% higher than the same period at USD 5.77/kg. Vietnam is in the top 6 suppliers of frozen fish fillets to Korea, behind Norway, France, Turkey, Italy and China.
For dried/salted fish products, Vietnam is the second largest supplier to Korea, after Russia. Vietnam is also the second largest supplier of squid and octopus to Korea, after China.
In general, in the first 4 months of this year, Vietnam is the third largest source of seafood for South Korea, accounting for 11% of the market share, after Russia (18%) and China 20%. Statistics show that Korea has imported nearly 46 thousand tons of seafood from Vietnam in 4 months and the average price is about 5.4 USD/kg.
In 2022, Korea imported nearly 1.6 million tons of seafood worth nearly 6.5 billion USD. In which, the volume of seafood imports from Vietnam accounted for 10%, reaching nearly 162 thousand tons.
Author: Le Hang | Vasep (Traslated from the original in Vietnamese)