Russia retains leadership in pollock supplies to South Korea

Published 2024년 9월 13일

Tridge summary

In the first seven months of 2024, Russian fishermen supplied 73 thousand tons of frozen pollock to South Korea, making up 98.1% of the country's imports of this product. The United States and other countries contributed 1.7% and 0.2%, respectively. Despite a 12.9% drop in import volume and a 17.2% decrease in value compared to the same period in 2023, there is potential to increase the value of Russian exports by focusing on high-margin products like pollock fillets and mince. Currently, Russian exports of these products face a 10% import duty in South Korea, while the United States enjoys a zero import duty under a free trade agreement. To boost competitiveness, it is essential to remove barriers to the production and export of Russian deeply processed pollock products.

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

Original content

In the first seven months of 2024, according to ITC Trade Map data analyzed by ASRF, Russian fishermen supplied 73 thousand tons of frozen pollock to South Korea, which amounted to 98.1% of the total volume of South Korean imports of this product (customs statistics do not take into account transit data). The United States accounted for 1.7% (1,288 tons), while other countries accounted for 0.2% (175 tons). At the same time, the volume of imports decreased by 12.9%, and its value by 17.2% (to $73.75 million from $89.08 million) compared to the same period in 2023. The potential for increasing the value of Russian exports lies in increasing the share of high-margin products. While almost all frozen pollock is imported to South Korea from Russia, supplies of pollock fillets and mince, including surimi, accounted for only about half of Korean imports of this product. During this period, 16.1 thousand tons of pollock fillets and mince (58.3%) were supplied to South Korea from Russia ...

Source: Fishretail