South Korea: 2020 Seafood Export Assessment and 2021 Outlook ②

Published 2021년 9월 22일

Tridge summary

The article provides an overview of Korea's seafood export dynamics in 2020, highlighting the impact of COVID-19 and the shift in export concentration. Despite the diversification of export destinations to over 140 countries, the majority of exports were concentrated in Japan, China, and the United States, accounting for 62.1% of the total. The pandemic brought about a decline in exports to key markets like Daegu, China, Denmark, and Indonesia, but there was also growth in exports to the US, Hong Kong, and Spain. Specifically, exports of fish cakes, clams, and tooth meat saw increases, while abalone, flounder, and crab meat exports experienced declines due to reduced demand. The article also points out the fluctuations in exports of specific seafood items to particular countries, such as the rise in laver, squid, and tuna exports to the US, oysters, clams, and snow crabs to Hong Kong, and tuna, clams, and squid to Spain.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Export concentration to Japan, China and the United States remains high Exports to the three countries accounted for 62.1%, accounting for more than half Exporting countries are diversified… Expanded to over 140 countries around the world Significant increase in exports mainly from the US, Hong Kong, and Spain ◇Daegu-Covid-19 impacts reduce exports Daegu exports recorded 57 million dollars, down 12.7% from the previous year. About 80% or more of Korea's Daegu exports are imported and re-exported. In 2020, exports to China, Denmark, and Indonesia, which are major exporting countries, decreased significantly, and overall cod exports decreased due to a decrease in consumption demand as the Corona 19 rapidly spread in the United States and Europe, the final destinations. ◇ Abalone - A major impact on the decline in exports to Japan Abalone exports in 2020 were recorded at USD 52 million, down 15.6% compared to 2019. Despite an increase in abalone exports to Vietnam and the United ...

Source: Fisheco