Russian agricultural exports to South Korea grew by 50% in 2020

Published 2021년 1월 14일

Tridge summary

From January 1 to December 27, 2020, Russia exported 866 thousand tons of food to South Korea, valued at $1.7 billion, marking a 50% increase in volume and 7.1% increase in value compared to the previous year. The majority of the exports were crustaceans (45%), followed by frozen fish (24%), fish fillet (3%), molluscs (3%), corn (2%), soybeans (1%), and soybean oil (1%). South Korea's economy, which relies on imports to meet 55% of its food needs, experienced growth in 2020 despite the pandemic. The country's top food importers are the USA, China, Australia, Brazil, and Vietnam, but Russia also has potential to increase its agricultural exports to South Korea, including cereals, confectionery, vegetable oils, fish and seafood, soybeans, cheeses, alcoholic and non-alcoholic drinks, poultry, and pork, despite current market access barriers.

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

Original content

From January 1 to December 27, 2020, 866 thousand tons of food for $ 1.7 billion were supplied from Russia to the Republic of Korea, according to the Agroexport center under the Ministry of Agriculture of the Russian Federation. According to the Federal Customs Service, in physical terms, the volume of supplies increased by 50% compared to the same period in 2019, in value terms - by 7.1%. Among the countries-importers of Russian food, South Korea ranks 6th and remains the second after China in the category of fish and seafood with a share of 33%, the second buyer of meat flour, the fourth - corn, the fifth - soybeans. About 45% of the volume exported from Russia fell on crustaceans, the supply of which against the background of the pandemic decreased in physical volume by 11% to 43 thousand tons, in monetary volume - by 0.8% to $ 752 million. The overwhelming part of this volume was accounted for by crabs. procurement of which South Korea occupies a leading position. Export of ...

Source: Milknews