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

Seafood

South Korea

Published Dec 7, 2021

Tridge summary

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.

Original content

Although the domestic consumption market is experiencing a change in production due to changes in conditions and limitations, the development of aquatic product technology as well as the development of new markets such as halal, Europe and Southeast Asia are leading to an increase in seafood exports. This increase in exports is expected to have an impact on the domestic fishery production sites and serve as an opportunity for the fishery industry to take another leap forward. The increase in seafood exports this year can be seen as a result of the active efforts of exporting companies and the support of the government. This is because the global economy and trade conditions have turned amicably despite the prolonged COVID-19 outbreak. In a non-face-to-face environment, two or three times the effort was added from consulting with buyers to announcing new products. In addition, the result of the V-shaped rebound is evaluated as more valuable than ever, as it has to overcome ...

Source: Fisheco