South Korea: Impact of the Ukraine crisis on Korea's fishery industry and countermeasures

Published 2022년 4월 25일

Tridge summary

The article highlights the potential negative impacts of economic sanctions against Russia and the closure of Russian airspace on the global fishery supply chain, with a focus on the import of fishery products from Russia to Korea and its downstream effects on the seafood industry in the US, Europe, and Asia. It discusses the challenges of supply and demand for seafood, such as rising production costs, increased prices for feed and fuel, and the need for policy support and diversification strategies. The article also touches on the potential effects on aquaculture, with concerns about the ripple effects of sanctions on the stability of the fishery industry and management of aquaculture farmers. The conclusion emphasizes the importance of monitoring and responding to these challenges through various measures, including the expansion of seafood consumption coupon businesses, strengthening monitoring of supply and demand, promoting fuel-saving fishery production bases, and stabilizing the management of aquaculture farmers amidst rising feed prices and operational costs.

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

Original content

Policy support to minimize damage to fishermen should be reviewed urgently Prepare countermeasures for the processing and catering industries with difficult supply and demand for seafood Supporting the income of fishermen who are difficult to manage due to rising international oil prices Realization of direct payment for farmed fish that is concerned about rising feed production cost Russian snow crab and king crab are premium items, with the highest trading proportions in the U.S., Japan, and Korea, while frozen cod and pollock are imported from Korea, China, Vietnam and Hong Kong. Russian fishery products brought into China are exported to the US and Europe through reprocessing, so the fishery trade structure is complicatedly intertwined across several countries. Among these, uncertainties in the global fishery supply chain are expected to increase as unstable situations in various fields such as production, export, and settlement increase in Russia. Based on the import volume ...

Source: Fisheco