Republic of Korea: Frozen Yellowfin Tuna Market 2022

Frozen Yellowfin Tuna Market Size in Republic of Korea

After two years of growth, the South Korean frozen yellowfin tuna market decreased by -X% to $X in 2020. Over the period under review, consumption recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the market value increased by X% y-o-y. Over the period under review, the market reached the peak level at $X in 2009; however, from 2010 to 2020, consumption failed to regain the momentum.

Frozen Yellowfin Tuna Production in Republic of Korea

In value terms, frozen yellowfin tuna production shrank modestly to $X in 2020 estimated in export prices. The total output value increased at an average annual rate of +X% over the period from 2007 to 2020; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The growth pace was the most rapid in 2011 with an increase of X% year-to-year. As a result, production attained the peak level of $X. from 2012 to 2020, production growth remained at a lower figure.

Frozen Yellowfin Tuna Exports

Exports from Republic of Korea

In 2020, shipments abroad of frozen yellowfin tuna was finally on the rise to reach X tons after two years of decline. Overall, exports saw a relatively flat trend pattern. The growth pace was the most rapid in 2010 with an increase of X% year-to-year. Exports peaked at X tons in 2012; however, from 2013 to 2020, exports remained at a lower figure.

In value terms, frozen yellowfin tuna exports soared to $X in 2020. Over the period under review, total exports indicated modest growth from 2007 to 2020: its value increased at an average annual rate of +X% over the last thirteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, exports increased by +X% against 2018 indices. The most prominent rate of growth was recorded in 2010 with an increase of X% against the previous year. Over the period under review, exports attained the peak figure at $X in 2012; however, from 2013 to 2020, exports failed to regain the momentum.

Exports by Country

Vietnam (X tons), Spain (X tons) and Thailand (X tons) were the main destinations of frozen yellowfin tuna exports from South Korea, together accounting for X% of total exports.

From 2007 to 2020, the biggest increases were in Vietnam (+X% per year), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Spain ($X), Vietnam ($X) and Thailand ($X) appeared to be the largest markets for frozen yellowfin tuna exported from South Korea worldwide, with a combined X% share of total exports.

Vietnam recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average frozen yellowfin tuna export price stood at $X per ton in 2020, which is down by -X% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2011 an increase of X% against the previous year. As a result, export price reached the peak level of $X per ton. from 2012 to 2020, the growth in terms of the average export prices failed to regain the momentum.

Prices varied noticeably by the country of destination; the country with the highest price was Japan ($X per ton), while the average price for exports to Thailand ($X per ton) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to Japan, while the prices for the other major destinations experienced more modest paces of growth.

Frozen Yellowfin Tuna Imports

Imports into Republic of Korea

In 2020, after four years of growth, there was significant decline in supplies from abroad of frozen yellowfin tuna, when their volume decreased by -X% to X tons. Overall, imports, however, showed a buoyant expansion. The growth pace was the most rapid in 2009 when imports increased by X% year-to-year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2020, imports stood at a somewhat lower figure.

In value terms, frozen yellowfin tuna imports contracted remarkably to $X in 2020. Over the period under review, imports, however, enjoyed a buoyant expansion. The pace of growth appeared the most rapid in 2009 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2020, imports remained at a lower figure.

Imports by Country

In 2020, Kiribati (X tons) constituted the largest frozen yellowfin tuna supplier to South Korea, with a X% share of total imports. Moreover, frozen yellowfin tuna imports from Kiribati exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), twofold. The third position in this ranking was occupied by Nauru (X tons), with a X% share.

From 2007 to 2020, the average annual growth rate of volume from Kiribati was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+X% per year) and Nauru (X% per year).

In value terms, Kiribati ($X), Taiwan (Chinese) ($X) and China ($X) appeared to be the largest frozen yellowfin tuna suppliers to South Korea, with a combined X% share of total imports.

Among the main suppliers, China (+X% per year) recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2020, the average frozen yellowfin tuna import price amounted to $X per ton, which is down by -X% against the previous year. Over the period under review, import price indicated a slight increase from 2007 to 2020: its price increased at an average annual rate of +X% over the last thirteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, frozen yellowfin tuna import price decreased by -X% against 2018 indices. The growth pace was the most rapid in 2008 when the average import price increased by X% y-o-y. The import price peaked at $X per ton in 2014; however, from 2015 to 2020, import prices failed to regain the momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2020, the country with the highest price was China ($X per ton), while the price for Nauru ($X per ton) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by China, while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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