South Korea: Impact of the Ukraine crisis on Korea's fishery industry and countermeasures

Seafood

South Korea

Russia

Published Apr 26, 2022

Tridge summary

Review policy support to minimize damage to fishermen Hurry up to prepare countermeasures for the processing and restaurant industry, which is difficult to supply and supply fishery products, and to support the income of fishermen who are difficult to manage due to rising international oil prices. , Japan, and Korea account for the highest trade share, while frozen cod and pollack are imported from Korea, China, Vietnam and Hong Kong. Russian fishery products brought into China are exported to the US and Europe through reprocessing, so the fishery trade structure is complicated across several countries. Among them, uncertainty in the global seafood supply chain is expected to increase as unstable situations in various fields such as production, export, and settlement increase in Russia. Based on the import volume in 2021, looking at the import lines of major fishery products imported from Russia by country, the proportion of imports from Russia accounted for more than 80%, mainly frozen.

Original content

Policy support to minimize damage to fishermen should be reviewed urgently Prepare countermeasures for the processing and catering industries with difficult supply and demand for seafood Supporting the income of fishermen who are difficult to manage due to rising international oil prices Realization of direct payment for farmed fish that is concerned about rising feed production cost Russian snow crab and king crab are premium items, with the highest trading proportions in the U.S., Japan, and Korea, while frozen cod and pollock are imported from Korea, China, Vietnam and Hong Kong. Russian fishery products brought into China are exported to the US and Europe through reprocessing, so the fishery trade structure is complicatedly intertwined across several countries. Among these, uncertainties in the global fishery supply chain are expected to increase as unstable situations in various fields such as production, export, and settlement increase in Russia. Based on the import volume ...

Source: Fisheco