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South Korea: 2020 Seafood Export Assessment and 2021 Outlook ②

Published Sep 23, 2021

Tridge summary

Korea's seafood exports in 2020 showed a decline of 7.4% compared to the previous year as export obstacles such as distribution and logistics restrictions and consumption contraction continued throughout the year due to the impact of COVID-19. It recorded $2.32 billion in exports ($2.25 billion). In 2021, the economy is expected to recover from the recession of 2020. However, the ongoing US-China trade dispute and issues such as the prolonged COVID-19 are likely to act as a negative factor for global economic growth. The Korea Maritime and Fisheries Development Institute will publish the data analyzed on the recent 2020 seafood export evaluation and 2020 prospects in four editions.

Original content

Export concentration to Japan, China and the United States remains high Exports to the three countries accounted for 62.1%, accounting for more than half Exporting countries are diversified… Expanded to over 140 countries around the world Significant increase in exports mainly from the US, Hong Kong, and Spain ◇Daegu-Covid-19 impacts reduce exports Daegu exports recorded 57 million dollars, down 12.7% from the previous year. About 80% or more of Korea's Daegu exports are imported and re-exported. In 2020, exports to China, Denmark, and Indonesia, which are major exporting countries, decreased significantly, and overall cod exports decreased due to a decrease in consumption demand as the Corona 19 rapidly spread in the United States and Europe, the final destinations. ◇ Abalone - A major impact on the decline in exports to Japan Abalone exports in 2020 were recorded at USD 52 million, down 15.6% compared to 2019. Despite an increase in abalone exports to Vietnam and the United ...
Source: Fisheco
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