Trends in Seafood Import: Shifts in South Korea’s Aquatic Product Imports in 2024

frozen octopus seafood import

In April 2024, South Korea witnessed a notable decline in seafood imports, both in terms of volume and value. The total volume of imported aquatic products amounted to 318,195 tons, representing a 13.9% decrease from the previous year’s figure of 370,237 tons. Similarly, the total value of these imports fell to $1.318 billion, down 23.9% from $1.731 billion in 2023. These statistics highlight a significant shift in the country’s seafood import dynamics over the year.

Detailed Analysis of Imported Seafood Categories

Among the diverse range of seafood imported into South Korea, the top five species by volume included frozen cod, frozen mackerel, frozen Ankang fish, frozen octopus, and frozen squid. These species collectively form a substantial portion of the total imports, with specific changes in their import volumes reflecting broader market trends.

Seafood Products with Decreased Imports

Several key seafood products have seen reduced import volumes in 2024. Frozen herring recorded the largest decline, with imports dropping by 38% to 8,233 tons. Similarly, imports of frozen squid decreased by 24% to 6,313 tons, frozen mackerel by 15%, frozen octopus by 8%, and frozen cod by 7%. These decreases are indicative of shifting consumer preferences or possibly adjustments in supply chain dynamics.

Seafood Products with Increased Imports

Contrasting the overall downward trend, certain seafood products have experienced growth in import volumes. Frozen Ankang fish imports surged by 31% to 17,176 tons. Additionally, the import volumes of live clams and short octopus increased by 11% and 18% respectively. These increases may be attributed to specific market demands or seasonal availability influencing consumer preferences.

Pricing Trends in Seafood Imports

The average import price for seafood in South Korea in April 2024 stood at $4.13 per kilogram, a decrease of 11.7% from $4.68 per kilogram in the previous year. Price fluctuations for individual species were also noted, with frozen cod at $0.96 per kg, frozen mackerel at $2.25 per kg, and frozen octopus reaching $6.33 per kg. These price trends are crucial for understanding the economic viability of importing certain seafood products into the South Korean market.

Economic and Market Implications

The reduction in import volumes and values has several implications for South Korea’s domestic market. The decrease in imports may affect the availability of certain seafood products, potentially leading to higher prices domestically and affecting consumer choice. Additionally, these trends may be influenced by broader economic factors such as international trade policies or global shifts in seafood supply and demand.

South Korea’s seafood import trends in 2024 reflect significant shifts in market dynamics, characterized by a general decline in import volumes and values. However, specific categories such as frozen Ankang fish and live clams have bucked this trend, showing notable increases. Understanding these changes is crucial for stakeholders in the seafood industry to make informed decisions regarding future import strategies and market positioning. Looking forward, the industry must adapt to these evolving trends to sustainably meet domestic demand while navigating the complex landscape of the global seafood trade.

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