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Photo: Union Forsea Corp.
South Korea's Frozen Pollock Market Update – Week 36, 2024
SOUTH KOREA
Monday, September 09, 2024, 03:00 (GMT + 9)
In week 36 of 2024, the wholesale prices of frozen pollock in South Korea exhibited mixed trends depending on the size. Prices for sizes 6, 7, and 8 continued to decline, while the price for size 9 remained stable.
By the end of August 2024, South Korea imported 88,010 tons of frozen pollock, a 4% decrease compared to the 91,901 tons imported during the same period in 2023. Frozen pollock remains a crucial part of South Korea’s seafood market, making up 15.1% of the country’s total seafood imports. However, the import value dropped by 14% to USD 85.09 million, down from USD 98.54 million in 2023.
The average import price of frozen pollock as of August 2024 was USD 0.97 per kilogram, reflecting a 10% decline from USD 1.07 per kilogram in 2023. Among the main suppliers, Russian pollock was priced at USD 0.96 per kilogram, U.S. pollock at USD 1.25 per kilogram, and Chinese pollock at USD 1.61 per kilogram. Russia was the dominant supplier, accounting for 98.4% of the imports (86,594 tons), followed by the U.S. at 1.5% (1,289 tons), and China at 0.1% (127 tons).
Domestic wholesale prices also varied by size. The 7-piece pollock is currently trading at around KRW 38,500, while the 8-piece pollock is priced at approximately KRW 28,500. The price for the 8-piece pollock has decreased by 10.9% from KRW 32,000 in July 2024 and by 8.1% from KRW 31,000 in May 2024.
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Source: Union Forsea Corp.
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