Russia's agricultural exports to South Korea increased by 50%

Published Jan 22, 2021

Tridge summary

In 2020, Russia saw a 50% increase in agricultural exports to South Korea, reaching a total of 866,000 tonnes valued at $1.7 billion. The exports consisted mainly of crustaceans, frozen fish, fish fillets, molluscs, and corn. The increase was led by a rise in frozen fish exports to 410,000 tons, followed by fish fillets at 40,000 tonnes. Corn exports also surged by 48%, and there was a notable increase in imports of meat flour, soybeans, and fish oil. The Federal Agroexport Center identifies cereals, confectionery, vegetable oils, fish and seafood, soybeans, cheese, alcoholic and non-alcoholic beverages, poultry, and pork as potential areas for further export growth to South Korea.

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

Original content

In 2020, Russia increased its agricultural exports to South Korea by 50 percent. The structure of Russian agricultural exports to Korea is dominated by crustaceans, frozen fish, fish fillets, molluscs and corn. From January 1 to December 27, 2020, exports of agricultural products from Russia to the Republic of South Korea reached 866,000 tonnes worth $ 1.7 billion. According to the Federal Customs Service, the physical volume of deliveries increased by 50 percent compared to the same period in 2019, and in value - by 7.1 percent. South Korea ranks 6th among Russian food importers and remains second only to China in the seafood category with a share of 33 percent, the second largest buyer of meat meal, fourth in maize and fifth in soybean supply. About 45 percent of the volume exported from Russia was shellfish, whose supply decreased physically to 43,000 tons (-11 percent) in monetary terms, to $ 752 million (-0.8 percent) due to the coronavirus pandemic. The major part of this ...

Source: SwiatRolnika