2020 seafood export assessment and 2021 outlook in South Korea

Published 2021년 9월 13일

Tridge summary

Despite global economic uncertainty, fishery product exports exceeded normal levels in 2020, with a slight decrease from the previous year due to declines in traditional exporting countries. However, emerging countries showed strong growth. Korean seafood exports experienced fluctuations, with decreases to Japan, China, and Thailand, but increases to the US and Hong Kong. The export trends varied by product and region. The export value of seaweed increased by 3.8% despite a volume decrease, while tuna exports saw a 7.6% decrease due to reduced demand for eating out and changes in the export structure. Crab exports also decreased due to the COVID-19 outbreak's impact on high-end restaurants in China, Hong Kong, and Taiwan. Oyster exports experienced a 6.8% decrease due to norovirus outbreaks, container security issues, logistics freight rates, and exchange rate fluctuations.

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

Original content

Exports of fishery products exceed normal levels despite global economic uncertainty Exports in 2020 $2.32 billion, down 7.4% from the previous year Exports of major traditional exporting countries declined, but emerging countries showed strong growth. Export trends by country and region in 2020 Looking at Korea's seafood exports in 2020, exports to Japan, China, and Thailand decreased while exports to the US and Hong Kong increased. By region, exports to ASEAN decreased by 5.2%, led by Thailand and Vietnam, and exports to Spain increased, but exports to the European Union (EU) also decreased slightly (0.7%↓) as exports to the European Union (EU) declined mainly in France. ◇Decreased exports of tuna, conger eel, and abalone to Japan Despite an increase in exports of horse mackerel, clams, and rockfish, exports of major items such as tuna, conger eel, and abalone declined, resulting in a 9.8% decline from the previous year to $660 million. Exports of clams increased in response ...

Source: Fisheco