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The fisheries trade balance in South Korea reached a deficit of 17 trillion in the last 5 years

Published Oct 1, 2020

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The deficit in the trade balance of fishery products has reached 1,78 trillion won over the past five years. Rep. Moon Sang-gon (Deocratic Democracy, Seoshipo) made this statement based on data from the Ministry of Oceans and Fisheries and ordered active measures to reduce deficit. According to the lawmaker above, the trade deficit in fishery products from 2016 to last August amounted to 14.46 billion US dollars (about 17.78 trillion won), reaching an annual average of about 3.7 trillion won. By year, it amounted to $2.66 billion in 2016, $2.93 billion in 2017, $3.78 billion in 2018, $3.289 billion last year, and $1.82 billion this year as of July. Korea's seafood exports amounted to $2,128 million (611530 tons) in 2016, $2,290 million (53,9512 tons) in 2017, $2.377 billion (632,134 tons) in 2018, and 2.5 billion last year. It was $10,000 (68,7534 tons), and this year, as of August, it was $1.311 billion (41,1441 tons).

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On the other hand, imports of fishery products were $4.791 billion (5374,000 tons) in 2016, $5.28 billion (5492,000 tons) in 2017, $6.125 billion (6419,000 tons) in 2018, and 5.7 billion last year. The deficit is showing an increasing trend, with only a slight decrease last year, to $1 million (5.66,000 tons), and this year, as of August, to $3.13 billion (3132,000 tons). In terms of export performance by country, exports to Japan were the highest in the last five years, with $3,424.79 million (619984 tons), followed by China's $1.95.69 million (53,1481 tons), and the United States of $1,298.77 million (120,000 tons). 9236 tons), Thailand $950.56 million (52,7394 tons), and Vietnam $58.76 million (26,6943 tons). Exports by item were $2.71.15 million (101,2635 tons) of tuna, $2.34 billion (10,0505 tons) of seaweed, $41080 million (1,906 tons) of crab, and $32.2 million ( 4,5918 tons), followed by $212.84 million in Daegu (61,846 tons). However, since last year, the export amount of ...
Source: Aflnews
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