South Korea: post-corona and changes in the seafood market

Published 2020년 12월 14일

Tridge summary

The global economy is expected to decline due to the COVID-19 pandemic, with the fishing industry facing a sharp decline in seafood distribution and export. In the first half of 2020, both imports and exports of seafood showed a decrease. However, the Regional Comprehensive Economic Partnership Agreement (RCEP), the world's largest Free Trade Agreement, was signed by 15 countries, including Korea, on November 15, 2020. The agreement aims to eliminate tariff barriers and provide support for economic recovery and job creation. Korea maintains current tariffs on sensitive domestic seafood through RCEP negotiations and expects the agreement to alleviate uncertainty in the international trade order caused by COVID-19 and expand the export market.

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

Original content

Due to the recent pandemic of the new coronavirus infection (Corona 19), the global gross domestic product (GDP) growth rate forecast in 2020 is being adjusted to decline sharply, and the domestic fishing village's economic activities face a great threat due to a sharp decline in distribution and export of seafood. In the first half of 2020, both exports and imports of seafood showed a decline due to the impact of Corona 19. According to the Korea Institute of Maritime Affairs and Fisheries Development (KMI) FTA Implementation Support Center, imports of fishery products from January to June 2020 from countries in which Korea signed a Free Trade Agreement (FTA) were mainly in China, EFTA (Norway), and the United States in the same period last year. Compared to this, the trade deficit decreased by 5.5% to $1.08 billion, with a decrease of 8.6% ($1.76 billion) and exports by 13.3% ($680 million). With the prolonged Corona 19, domestic demand and exports of the fishery industry are ...

Source: Fisheco