Photo: Union Forsea Corp.

Norwegian mackerel wholesale prices rise amid declining imports

SOUTH KOREA
Tuesday, September 10, 2024, 07:00 (GMT + 9)

As of September 2024, the wholesale distribution price of Norwegian frozen mackerel has seen a significant rise due to a decrease in import volumes.

By September, the total import volume of frozen mackerel stood at 25,638 tons, marking a 24% drop compared to the 33,878 tons imported by the same time in 2023.

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This decline in supply has driven domestic prices upwards.

The average import price for frozen mackerel surged to USD 2.26 per kg by August 2024, a 4.1% increase compared to USD 2.17 per kg by July 2023. Norwegian mackerel dominated the import market, accounting for 90.9% of total imports at 23,297 tons, with an average import price of USD 2.26 per kg. Meanwhile, Chinese mackerel accounted for 1,441 tons (5.6%) at an average price of USD 2.32 per kg, and 757 tons (3%) were imported from the Netherlands at an average price of USD 2.15 per kg. Additionally, smaller quantities were imported from Germany (95 tons) and Japan (48 tons).

In the second week of September 2024, the wholesale price of Norwegian frozen mackerel (300/500g size) reached 97,000 KRW, reflecting an 18.29% increase compared to August's price of 82,000 KRW and a 53.97% surge from December 2023, when the price was 63,000 KRW. The 400/600g size mackerel also saw a notable price rise, reaching 97,000 KRW, which is 20.50% higher than August 2024 and 42.65% higher than December 2023, when it was priced at 68,000 KRW.

Given the ongoing supply constraints, experts anticipate that the price of Norwegian mackerel will continue to rise in the coming months.

Source: Union Forsea Corp.

editorial@seafood.media
www.seafood.media

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