According to a recent report by SeafoodMedia on January 17th, South Korea’s import of Peruvian seafood in December 2023 saw a 22% decrease to 2394 tons from 3065 tons in the same period of 2022. Despite this monthly dip, the overall import volume for the year reached a remarkable 62767 tons, surpassing the 44703 tons recorded in 2022. This upward trend reflects South Korea’s growing appetite for Peruvian seafood, a sector that has seen a steady increase in demand over the years.
In 2023, the import portfolio of Peruvian seafood to South Korea was diverse, with several categories showing significant growth. The import volume of cooked and frozen squid bodies was a notable highlight, reaching 18442 tons, marking a 9% increase from the 16971 tons in the previous year. This growth indicates a rising preference for prepared seafood products in the South Korean market.
Moreover, the import of frozen squid fins also saw an increase, totaling 15968 tons, up 4% from 15758 tons in 2022. Similarly, frozen squid tubes witnessed an unprecedented surge, with imports soaring to 14625 tons – a 435% jump compared to 2733 tons in the previous year. This dramatic rise can be attributed to changing consumer tastes and possibly evolving culinary trends in South Korea.
Another significant increase was seen in the import of frozen squid legs, which reached 9539 tons, up 72% from 5554 tons in the previous year. The import of frozen cooked squid fins also grew considerably, amounting to 1205 tons, a 66% increase from 726 tons in 2022.
The financial aspect of this trade also presents a compelling picture. The value of Peruvian seafood imported by South Korea in 2023 was $18938, a 20% year-on-year increase. This growth in value, despite a 15% decrease in the average import price to $3.02 per kilogram from $3.54 in 2022, suggests a substantial increase in volume and perhaps a diversification of imported seafood products.
This growing trend in South Korea’s import of Peruvian seafood is reflective of broader economic and cultural shifts. South Korea’s expanding seafood market has been driven by increased consumer interest in diverse and high-quality seafood products. Peruvian seafood, known for its variety and quality, has found a receptive market in South Korea, catering to the tastes of consumers looking for new culinary experiences.
The increase in imports also highlights the strengthening of trade relations between Peru and South Korea. Peru’s strategic focus on expanding its seafood exports, coupled with South Korea’s efforts to diversify its seafood imports, has created a mutually beneficial economic relationship. This synergy is expected to continue driving growth in the import of Peruvian seafood to South Korea in the coming years.
The year 2023 marked a significant phase in the trade of Peruvian seafood to South Korea, characterized by a notable increase in import volumes across various categories. This trend not only underscores the evolving tastes of South Korean consumers but also highlights the growing importance of Peru as a key player in the global seafood market. As these dynamics continue to evolve, the trade relationship between these two nations is poised for further growth and diversification.
