Norwegian salmon prices soar in South Korea

Published 2022년 3월 7일

Tridge summary

The article highlights a significant increase in the price of raw Norwegian salmon in South Korea due to the ongoing conflict between Russia and Ukraine. The rise is attributed to the closure of Russian airspace to European countries, which has disrupted air transport routes and increased fuel costs, ultimately leading to a surge in import prices. Norwegian salmon, which makes up 95% of Korea's imported salmon, is expected to cost between 16,000 and 28,000 won per kg, a significant increase from the current price range of 16,000 to 18,000 won. The situation also raises concerns about the supply of other aquatic products imported from Russia, such as pollock, snow crab, and crab.

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

Original content

The price of raw Norwegian salmon is showing signs of soaring. This is because air transport to Korea is being disrupted as Russia closes its airspace for European countries amid Russia's continued invasion of Ukraine. According to the seafood distribution industry on the 2nd, the current market price of raw salmon imported from Norway is between 16,000 and 18,000 won per kg, but the wholesale price of imported raw salmon from Norway to be delivered through customs clearance next week is up to 2 per kg. The price is expected to jump by about 10,000 won, with a forecast of 16,000 to 28,000 won. Norwegians account for 95% of imported salmon coming into Korea. Most of the air freight from Norway to Korea goes through Russia, and as airlines use detour routes and increase fuel costs, air fares have risen, and import prices are also skyrocketing. The European Union (EU) banned Russian airlines from entering EU airspace after Russia invaded Ukraine. Russia also closed its airspace to ...

Source: Fisheco