Decline in Russian seafood imports to South Korea continues

Published Dec 20, 2024

Tridge summary

Russian seafood imports to Korea have fallen by 31% in November compared to the same month in 2023, totaling $73.71 million. Russia remains a dominant supplier of frozen pollock, accounting for 99% of Korea's imports in the first 10 months of the year. However, the profit margin and price of pollock are decreasing, with the fish's cost per ton falling by 8% in November. The Russian Fish Products Association suggests that export numbers could increase through deep processing products, but competition from the US, which enjoys zero import duty, hinders this. Korea continues to be a significant market for Russian fish exports, with a new electronic certificate issuance system for marine bioresources set to launch.

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

Original content

The cost of imported Russian seafood has also decreased significantly: in November, it amounted to 73.71 million US dollars, which is 31% less than in the same month of 2023. Russia continues to occupy a leading position in the supply of frozen pollock to Korea, providing 99% of the total import volume of this product in the first 10 months of the year. However, the profit margin from this low-margin product is decreasing, as is the average cost of a ton of pollock, which decreased by 8% in November. Earlier, the Russian Fish Products Association noted that pollock exports can be increased through deep processing products, but the current competitive conditions with the United States, which supplies pollock to South Korea with zero import duty, create obstacles. For Russian suppliers, due to the 10% duty, export fees are also added, depending on the dollar exchange rate. Korea remains one of the key ...

Source: Fishretail