Korean Seafood Imports in Jan-Feb 2023 Rise in Value on Strong Demand for Tuna Fillets and Crab

Fresh Crab

Published Mar 23, 2023

Korean import value of seafood rose 4% YoY in the first two months of 2023, with a higher price more than offsetting a slight decline in volume. Russia remained the largest origin, with ongoing strong demand for crab. Meanwhile, imports of tuna fillets soared, driven by an ongoing demand growth for sushi and sashimi, in which tuna is typically used.

In January-February 2023, the value of South Korean imports of HS Code 03 products, which comprise fish, crustaceans, molluscs, and other aquatic invertebrates, totaled USD 922.98 million, which represents an increase of 4% compared to the same period in 2022. In terms of volume, Korea imported 231 thousand mt, which represents a decline of 0.9% year-over-year (YoY). The rise in value can be attributed to an increase in the unitary value of the imports, at USD 4.00/kg, up 5% YoY.

Source: Tridge and Korea Customs

The largest origin, in terms of value, was Russia, with a total of USD 206 million. Russia maintains the top spot among Korea’s seafood imports, as it is the main provider of crabs, both live, fresh or chilled and frozen, and frozen whole Alaska pollock. Its top product, live, fresh or chilled crab, totaled a value of USD 78 million, up 13% YoY, as total imported volume rose by a sharp 46% YoY, more than offsetting the decline in price. The decline in crab price, which in turn was brought about by the trade changes following sanctions imposed by other countries on Russia following the onset of its conflict with Ukraine, has continued to boost Korean demand for this product. This will likely continue through 2023, as Russia continues to redirect its crab to South Korea and other Asian countries, such as Japan and China, as sanctions by the US, which include an import ban for this product implemented in 2022, remain in place.

Source: Tridge and Korea Customs

In terms of products, the one with the largest value and also fastest growth among the top ten, was frozen tuna fillets, with a total value of USD 88 million and a YoY growth pace of 78%. Most of this product came from the European Union, particularly France, Italy, and Spain. In terms of volume, this product totaled 2.25 thousand mt, representing a growth of 32% YoY. The volume imported during Jan-Feb 2023 represents almost a third of the total imported during the full 2022. It’s worth noting that tuna fillets command one of the highest average unitary values in imported seafood products, at USD 39/kg, up 35% YoY. The main driver of imports of this product is a sharp increase in demand for sushi and sashimi, in which tuna fillets are typically used. The increase in demand was marked in 2022, when imported volume rose 15% YoY as pandemic restrictions eased further compared to the previous year. The high imported volumes so far 2023, despite higher prices (up 39% YoY in February 2023), confirms the trend is ongoing.