Republic of Korea: Frozen Freshwater Fish Market 2024

Frozen Freshwater Fish Market Size in Republic of Korea

For the third year in a row, the South Korean frozen freshwater fish market recorded decline in sales value, which decreased by -17.3% to $X in 2021. In general, consumption saw a mild slump. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2021, consumption failed to regain momentum.

Frozen Freshwater Fish Exports

Exports from Republic of Korea

In 2021, exports of frozen freshwater fish from South Korea rose notably to X tons, increasing by 8.1% on the year before. In general, exports, however, continue to indicate a deep contraction. The growth pace was the most rapid in 2013 with an increase of 17%. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, frozen freshwater fish exports amounted to $X in 2021. Over the period under review, exports, however, faced a drastic downturn. The pace of growth was the most pronounced in 2019 with an increase of 9.2% against the previous year. Over the period under review, the exports reached the maximum at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for frozen freshwater fish exports from South Korea, with a 41% share of total exports. Moreover, frozen freshwater fish exports to China exceeded the volume sent to the second major destination, Vietnam (X tons), twofold. Cote d'Ivoire (X tons) ranked third in terms of total exports with a 7.7% share.

From 2012 to 2021, the average annual growth rate of volume to China stood at -5.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+2.9% per year) and Cote d'Ivoire (-13.1% per year).

In value terms, China ($X) remains the key foreign market for frozen freshwater fish exports from South Korea, comprising 37% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 15% share of total exports. It was followed by Japan, with a 15% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China stood at -9.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+2.2% per year) and Japan (-11.3% per year).

Export Prices by Country

The average frozen freshwater fish export price stood at $X per ton in 2021, with a decrease of -7.1% against the previous year. Over the period under review, the export price showed a slight descent. The most prominent rate of growth was recorded in 2016 an increase of 8.4%. The export price peaked at $X per ton in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Japan ($X per ton), while the average price for exports to Spain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+5.8%), while the prices for the other major destinations experienced more modest paces of growth.

Frozen Freshwater Fish Imports

Imports into Republic of Korea

For the third consecutive year, South Korea recorded decline in purchases abroad of frozen freshwater fish, which decreased by -27.2% to X tons in 2021. Over the period under review, imports saw a perceptible reduction. The growth pace was the most rapid in 2014 when imports increased by 15%. Imports peaked at X tons in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, frozen freshwater fish imports reduced to $X in 2021. In general, imports saw a pronounced curtailment. The most prominent rate of growth was recorded in 2016 when imports increased by 8.5%. As a result, imports reached the peak of $X. From 2017 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest frozen freshwater fish supplier to South Korea, accounting for a 54% share of total imports. Moreover, frozen freshwater fish imports from China exceeded the figures recorded by the second-largest supplier, Russia (X tons), eightfold. The third position in this ranking was held by the United States (X tons), with a 6.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled -3.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (-2.9% per year) and the United States (+1.7% per year).

In value terms, China ($X) constituted the largest supplier of frozen freshwater fish to South Korea, comprising 47% of total imports. The second position in the ranking was held by Guinea ($X), with a 10% share of total imports. It was followed by Senegal, with a 6.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at -4.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Guinea (+21.8% per year) and Senegal (-0.7% per year).

Import Prices by Country

In 2021, the average frozen freshwater fish import price amounted to $X per ton, picking up by 25% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.6%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Guinea ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+15.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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