W9 Salmon Update: Norwegian Salmon Fillet Imports to South Korea Declined by 21% YoY in Jan-24

Published 2024년 3월 8일

In W9 in the salmon landscape, Norwegian seafood maintained its significant role in South Korea's market, constituting 14% of total seafood imports at 84 thousand mt in Jan-24. Fresh salmon fillet imports declined by 21% YoY to 364 mt. Despite the volume surge, the overall import value of Norwegian seafood to South Korea declined by 4% YoY to USD 60.88 million. Meanwhile, although there was a slight decline in volume, the total export value in Norway's export sector grew by 5% YoY to USD 1.27 billion in Jan-24, driven largely by a notable 11% YoY increase in salmon exports, reaching USD 0.93 billion.

Norway Strengthens Grip on South Korean Seafood Market Despite Lower Import Value

Norwegian seafood accounted for 14% of South Korea's total seafood imports, with 84 thousand metric tons (mt) in Jan-24, highlighting its continued importance as a supplier to the South Korean market. However, the overall import value declined slightly, indicating potential price adjustments. Seafood imports from Norway to South Korea increased by 18% year-on-year (YoY) in Jan-24 compared to the same period in 2023, reaching 12 thousand mt. Frozen mackerel remained the dominant imported species, accounting for 76% of the total volume (9.2 thousand mt) and witnessing a 30% YoY increase. Despite the volume increase, the overall import value of Norwegian seafood to South Korea declined by 4% YoY to USD 60.88 million.

Fresh salmon imports reached 1,345 mt, representing 11% of the total volume. The average import price for fresh salmon was USD 15.48 per kilogram (kg). Fresh salmon fillet imports declined by 21% YoY to 364 mt, accounting for 3% of the total volume. The average import price for fresh salmon fillets was USD 20.07/kg. Frozen mackerel fillet imports reached 320 mt, representing 3% of the total volume. The average import price for frozen mackerel fillets was USD 5.23/kg.

Norwegian Seafood Exports See Value Growth Despite Volume Decline in Jan-24

Norwegian seafood exports in Jan-24 exhibited a contrasting trend, marked by an increase in value but a decrease in volume compared to the same period in 2023. The total export value of Norwegian seafood reached USD 1.27 billion on Jan-24, reflecting a YoY growth of 5%.

Salmon exports contributed significantly to the overall growth, with an export value of USD 0.93 billion in Jan-24, representing an 11% YoY increase. However, the export volume of salmon witnessed a 2% YoY decline, reaching 87 thousand mt.

The average price of Norwegian salmon displayed a slight upward trend in the W6, reaching USD 10.42/kg, representing a 2.55% increase compared to the previous week. The average price of salmon varied depending on size, with larger fish commanding higher prices. Salmon weighing 5 to 6 kg and 7 to 8 kg fetched average prices of USD 11.55/kg and 12.82/kg respectively.