South Korea: Expectations for the largest export of fishery products in history

Published 2021년 12월 6일

Tridge summary

Seafood exports have reached a record high this year, surpassing the previous high set in 2019, with a projected total of $2.6 billion. This rebound is due to the development of new markets and technology, despite a dip last year due to COVID-19. The industry's growth is led by seaweed exports, which have become a staple, and other seafood products like abalone and tuna. However, the industry faces challenges such as quality and food safety expectations, increasing competition, and the need for more government support. Additionally, domestic fish producers are grappling with disease outbreaks, climate change, and price pressures. To maintain and build on this growth, there is a need for more detailed government support, including information sharing, online market development, and logistics infrastructure expansion.

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

Original content

This year, seafood exports hit an all-time high. By November, the accumulated amount had already exceeded the full-year performance of 2019, which was the record high export performance. If counted by the end of the year, it is expected to reach a record high of $2.6 billion. Exports of seafood were only about $1.9 billion in 2015. However, seaweed, which has emerged as a virtuous product by breaking export records every year, exceeds the maximum of $600 million for a single item, and all items such as abalone and halibut, as well as tuna and oyster, the main seafood export varieties, are exported through pioneering new markets and developing new processed products. This increased at an average annual rate of 7.5% until 2019, recording more than $2.5 billion in 2019. Exports declined last year due to a contraction in seafood consumption due to the impact of COVID-19, but recovered to an all-time high by recording a V-shaped rebound this year, the first in a year. Although the ...

Source: Fisheco