Declining Trend in South Korea's Imported Seafood in the First Four Months of the Year

South Korea has experienced a significant decrease in the import of seafood products during the first four months of the year. According to a recent report from SeafoodMedia, the import volume of seafood products in South Korea reached 3,181,955 metric tons, reflecting a 13.9% decline compared to the same period last year. The total import value also dropped by 23.9% to $1.318 billion.

Decrease in Import Categories:

Among the imported seafood products, the top ten categories in terms of volume include frozen Pacific saury, frozen mackerel, frozen monkfish, frozen octopus, frozen squid, frozen herring, live clams, frozen octopus, frozen squid tentacles, and frozen cod roe.

Frozen Pacific saury accounted for 19.4% of the total import value, frozen mackerel accounted for 7.5%, frozen monkfish accounted for 5.4%, frozen octopus accounted for 2.74%, and frozen squid accounted for 2.71%.

Specific Category Changes:

During the first four months of this year, the import volume of frozen herring decreased by 38% to 8,233 metric tons, while the import volume of frozen squid tentacles decreased by 24% to 6,313 metric tons compared to the same period last year.

In contrast, the import volume of frozen monkfish increased by 31% to 17,176 metric tons, live clams increased by 11% to 7,367 metric tons, and frozen octopus increased by 18% to 8,724 metric tons. However, frozen mackerel saw a decrease of 15%, frozen octopus decreased by 8%, frozen Pacific saury decreased by 6%, and frozen cod roe decreased by 7%.

Average Import Prices:

The average import price of seafood products during the first four months of this year was $4.13 per kilogram, representing an 11.7% decrease compared to the same period last year. The specific import prices for various products were as follows: frozen Pacific saury at $0.96 per kilogram, frozen mackerel at $2.25 per kilogram, frozen herring at $0.91 per kilogram, frozen squid tentacles at $1.76 per kilogram, frozen monkfish at $1.96 per kilogram, frozen cod roe at $2.36 per kilogram, and frozen octopus at $6.33 per kilogram.

The first four months of this year have witnessed a declining trend in South Korea's import of seafood products. The significant decrease in import volume and value raises concerns about the factors influencing the seafood market in South Korea. Monitoring and analyzing these trends will be crucial for policymakers and industry stakeholders to strategize and adapt to the changing dynamics of the seafood import market in the country.