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

Published 2020년 9월 30일

Tridge summary

A South Korean lawmaker has drawn attention to the growing trade deficit in fishery products, which has reached 1,78 trillion won over the past five years. The deficit, which was $1.31 billion as of August this year, is primarily due to high imports of seafood, particularly from China, Russia, and Vietnam. The lawmaker has called for increased measures to reduce the deficit and emphasized the need for enhanced due diligence on overseas manufacturers to ensure food safety. He also underscored the importance of inspecting overseas fishery manufacturing establishments and suggested that the Ministry of Oceans and Fisheries should collaborate with the Ministry of Food and Drug Safety to improve investigation practices.

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Original content

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). On the other hand, imports of fishery products were $4.791 ...

Source: Aflnews