Decline in Russian seafood imports to South Korea continues

The cost of imported Russian seafood has also decreased significantly: in November, it amounted to 73.71 million US dollars, which is 31% less than in the same month of 2023. Russia continues to occupy a leading position in the supply of frozen pollock to Korea, providing 99% of the total import volume of this product in the first 10 months of the year. However, the profit margin from this low-margin product is decreasing, as is the average cost of a ton of pollock, which decreased by 8% in November. Earlier, the Russian Fish Products Association noted that pollock exports can be increased through deep processing products, but the current competitive conditions with the United States, which supplies pollock to South Korea with zero import duty, create obstacles. For Russian suppliers, due to the 10% duty, export fees are also added, depending on the dollar exchange rate. Korea remains one of the key ...