Decline in frozen cod imports to South Korea

Published 2024년 11월 1일

Tridge summary

In September 2024, South Korea experienced a significant decrease in frozen cod imports, with a 66% drop compared to the same month in 2023, totaling only 200 tonnes. The overall seafood import volume for the month stood at 651,137 tonnes, making frozen cod a minor contribution of 0.73% to the total. Despite the decline, Russia remained the largest supplier, accounting for 96% of the imports. The average price per kilogram of Russian cod was $3.15, higher than that of other suppliers like the United States, China, and Canada. The reduced import value and average price of frozen cod indicate challenges for the industry, although analysts anticipate future changes based on demand recovery and international market dynamics.

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

Original content

Import Statistics: Key Figures In September 2024, South Korea imported only 200 tonnes of frozen cod, down 66% from 595 tonnes in the same month in 2023. Total imports as of the end of September 2024 were 4,775 tonnes, nearly half of the 9,721 tonnes imported in the same period last year. Importantly, frozen cod accounted for only 0.73% of total seafood imports, which reached 651,137 tonnes. Russia as a Major Supplier Despite the sharp decline in volumes, Russia continues to be South Korea’s top frozen cod supplier, accounting for 96% of all imports. This amounts to 4,531 tonnes of cod, highlighting the importance of the Russian fishing industry for the Korean market. The United States is in second place with 125 tons, followed by Canada with 69 tons and China with 20 tons. Import prices: trends and changes Import prices for frozen cod have also changed. Russia supplies cod at an average price of $3.15 per kilogram, which is higher than other supplier countries: the United States ...

Source: Fishretail