Photo: TASS/Yuri Smityuk

South Korea’s Imports of Russian Seafood Drop by 14% Through September 2024

SOUTH KOREA
Wednesday, October 09, 2024, 00:10 (GMT + 9)

By September 2024, South Korea saw a significant reduction in its imports of Russian seafood, with volumes dropping compared to the same period in 2023.

In September alone, the country imported 24,233 tons of Russian seafood, reflecting a 3% decline from 24,883 tons recorded in the same month last year. Cumulatively, from January to September 2024, South Korea imported 191,669 tons of Russian seafood—down 14% from 223,836 tons in the same period in 2023. Russian seafood made up 29% of the total seafood imports, which reached 651,137 tons.

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Category-wise, frozen pollock imports bucked the downward trend, increasing by 1% to 103,720 tons, compared to 102,961 tons in 2023. Similarly, frozen Alaska pollock roe imports grew 11% to 13,581 tons, up from 12,274 tons the previous year. However, frozen Pacific herring saw a steep decline, plummeting 44% to 11,971 tons from 21,263 tons. Frozen yellowfin sole imports also dipped by 3%, reaching 9,776 tons, while frozen Alaska pollock milt imports remained stable at 9,081 tons, similar to last year's 9,041 tons.

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In value terms, Russian seafood imports in September 2024 were worth USD 63.16 million, a 14% drop from USD 73.27 million in September 2023. The cumulative import value through September fell 19% to USD 586.48 million, down from USD 725.89 million during the same period in 2023. The average import price also dropped by 6%, reaching USD 3.06/kg, compared to USD 3.24/kg the previous year.

Source: Union Forsea Corp.

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