Korean Fishery Product Imports Rise 13% YoY to USD 6.47 Billion in 2022

According to data from the Korea International Trade Association (KITA), Korean fishery products imports, which comprise HS Codes 03, 1603003000, 1603004000, 1604, and 1605, totaled 1,597 thousand mt with a total worth of USD 6.47 billion, rising 3% year-over-year (YoY) in volume, and 13% YoY in value. Value grew at a faster pace than volume as the average price of most seafood products increased throughout 2022, averaging a growth of 9% YoY. The growth of seafood imports in volume despite much higher prices suggests a real increase in demand after pandemic restrictions eased in early 2022.

Imports from Russia experienced significant YoY growth, up 11% in volume and 17% in value. In terms of value, Russia surpassed China as the largest origin, with a total share of 22% of Korea's import value for seafood products. In terms of volume, Russia retained first place, with a share of 34% of the total. Among the top 10 origins, the average growth in unitary value of imports from Russia was one of the smallest, at 5%. This was a significant factor in the growth of Russian-origin imports. Russia sought to grow its seafood exports in other markets as it lost access to US and European markets following the implementation of trade sanctions due to its conflict with Ukraine.

In fact, the fastest-growing imported product among the top five was frozen Alaska pollock, which grew 37% YoY in terms of value and 24% YoY in terms of volume. Imports from Russia, which grew 39% YoY in terms of value, represented 98.3% of the total value for this product, growing its market share from a previous 96.1%. Meanwhile, imports of this product from the US declined 11% YoY, and now represent 1.6% of Korea's imports for this product, down from a previous 3.7% share in 2021. Imports from Russia increased as the unitary value for this location averaged $1.08/kg, compared to USA's $1.66/kg. According to local reports, the Russian catch of pollock in the Far East basin increased by roughly 25% YoY to 171 thousand mt, and the larger supply led to a comparatively smaller increase in prices.

Meanwhile, import volume from China remained practically unchanged compared to 2021, while in value it grew 2% YoY. China had a market share of 23% of Korea's seafood import volume and 19% of its value. China was the top import origin of products such as frozen cuttlefish and squid, which experienced mild growth in value but a milder growth in volume. Following China, Vietnam was the third largest origin in terms of import volume and value. Imported volume from Vietnam changed little from 2021, while value climbed 15% YoY. Vietnam held 10% of Korea's import market in volume, and 14% in value. In the case of Vietnam, the largest imported product in terms of value was frozen shrimp and prawn, which was also the top imported HS Code 03 product in Korea in 2022, with a total value of $592 million. Vietnam supplied 49% of this product's value. Imports from this location grew 23% in value and 16% in volume, underlining real demand growth. Other products where Vietnam was the top origin include frozen octopus, which experienced strong growth in value but mild growth in volume.

Imports from Norway and the US dropped 10% and 12% YoY, respectively, in terms of volume. But a 19% average growth in the unitary value in both countries drove import value from these origins to climb 7 and 6% YoY, respectively. Norway held 9% of the import value, while the US held 4%. The largest imported product from Norway was fresh Atlantic salmon, which was the sixth most imported seafood product in Korea in 2022, with a total value of $313 million. Norway supplied the bulk of this product to Korea, with a total share of 97%. The value of imports for this product rose 2% YoY thanks to much higher prices. However, in terms of volume, imports declined by 27% YoY, also as a result of the sharp increase in prices creating an effect favoring cheaper substitutes. Meanwhile, the largest imported HS Code 03 seafood product from the US was Alaska pollock meat (differing from frozen whole Alaska pollock which is dominated by Russia), with imports from this location representing a total share of 94% and a total value of $96 million. While the imported value for this product originating in the US grew 8% YoY, the imported volume actually declined by 10% YoY. As in the case of fresh salmon from Norway, imported volume declined as a substitution effect was created thanks to higher prices.

Source: Tridge and KITA

Source: Tridge and KITA