Photo: Union Forsea Corp.

South Korean Frozen Mackerel Imports Surge in May 2025, Norway Dominates Supply

SOUTH KOREA
Thursday, June 12, 2025, 06:50 (GMT + 9)

Volumes jump 47% year-on-year, positioning mackerel as the second most imported seafood species, though domestic wholesale prices show signs of stabilization.

SEOUL – South Korea's frozen mackerel market experienced a substantial surge in May 2025, with import volumes soaring by 47% compared to the same period last year. This robust growth has propelled frozen mackerel into a leading position in the nation's seafood imports, accompanied by a significant 75% rise in import value. Despite this overall increase in inbound shipments, wholesale prices for Norwegian mackerel in the domestic market showed a slight dip, hinting at potential stabilization.

According to recent statistics, the cumulative import volume of frozen mackerel into South Korea from January to May 2025 reached 36,877 tons, a notable increase from 25,080 tons in the corresponding period of 2024. May alone witnessed a dramatic 398% leap in imports, with 5,123 tons brought in compared to just 1,028 tons in May 2024. This volume now accounts for 9.48% of South Korea's total seafood imports, making frozen mackerel the second most imported seafood species, only trailing frozen pollock.

Norway Leads Supply Amid Soaring Import Value

Norway overwhelmingly maintained its dominance in supplying frozen mackerel to South Korea, accounting for a staggering 82% of total imports with 26,148 tons by May. China followed with 2,943 tons (9%), while the Netherlands (1,051 tons) and the United Kingdom (1,034 tons) also contributed. The average import unit price for Norwegian mackerel stood at USD 2.78/kg, compared to China's USD 1.87/kg and the Netherlands' USD 2.68/kg.

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The import value for frozen mackerel in May alone reached USD 13.09 million, a staggering 449% increase from USD 2.38 million in May 2024. Cumulatively, the import value from January to May hit USD 98.48 million, marking a 75% increase over the USD 56.43 million recorded in the same period last year. The overall average import unit price for frozen mackerel reached USD 2.67/kg, up 19% from USD 2.25/kg in the previous year, indicating that both increased volume and higher unit prices fueled the surge in value.

Domestic Prices Show Signs of Stability

For the 300g/500g size (20kg package) frozen mackerel, the wholesale price was set at 98,500 KRW (approximately $71.64 USD), a 0.51% dip from April's 99,000 KRW. Similarly, the 400g/600g size (20kg package) was priced at 99,500 KRW (approximately $72.36 USD), a 0.5% decrease from 100,000 KRW in April 2025.

Market experts anticipate that the price of Norwegian mackerel will largely remain stable around the 100,000 KRW (approximately $72.73 USD) mark for the foreseeable future, suggesting that the market is achieving a balance between supply and demand following the recent import surge.

Source: Union Forsea Corp.

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