Aquaculture market in South Korea
Wednesday, July 29, 2020
The latest issue of the EUMOFA’s monthly Highlights analyzes the fisheries and aquaculture market in South Korea, one of the countries with the highest seafood consumption per capita.
In 2018, total Korean aquaculture production reached around 2.28 million tons, mostly from marine aquaculture. Seaweed accounted for three quarters of total production volume, mostly Japanese kelp, nori and wakame. The second most important species group farmed in Korea was mollusks, dominated by the Pacific cupped oyster (72%). They were followed by marine fishes, with 80,000 tons produced in 2018, mostly bastard halibut (also called olive flounder) and Korean rockfish. Diadromous fish, freshwater fishes and crustaceans accounted for only a very small share of the production.
Despite high levels of production in both the fisheries and aquaculture sectors, the Korean trade deficit is significantly high and has followed an increasing trend over the last five years. It reached €3 billion in 2019. In 2019, Korean imports of FAPs (fisheries and aquaculture products) amounted to 1,5 million tons, with a value of almost €5 billion. The main countries of origin in terms of value were China (23%, mostly other marine fish and cephalopods), Russia (17%, mostly crab and Alaska pollock), Vietnam (14%, dominated by miscellaneous shrimps), Norway (14%) and the USA (5%, dominated by Alaska pollock).
The report also presents the first sales data and consumption in Europe in April 2020. The household consumption of fresh fisheries and aquaculture products increased in both volume and value in Denmark, Germany, the Netherlands, Portugal, Spain, and Sweden. The consumption decreased in both volume and value in the rest of the Member States analyzed.
Download the report here.
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