Asia

South Korea increased its seafood exports to ASEAN countries

Fish & Seafood

In the Chinese market, more expensive products such as abalone, sea cucumber and crab gained popularity.

Posted on Jan 21 ,04:36

South Korea's seafood exports have increased in the last year thanks to an expanding market for expensive products in China and recent vitalization of Vietnam’s frozen-food processing industry, according to Eleven magazine.
The Korean Ministry of Oceans and Fisheries informed that exports of fishery products hit an all-time high of $2.386 billion in 2018, surpassing the former record of $2.383 billion set in 2012.
Japan and China were the main destinations for seafood exports with $760 million and $390 million respectively but the value of exports on the Japanese market has decreased by 1.2% compared with previous year while the Chinese market has grown by 6.1%.
There was a high demand for expensive products such as abalone (+3,133.1%), sea cucumber (299.6%) and crab (215%) in the Chinese market, observed the officials. In Southeast Asia, fishery product exports to Vietnam climbed 29.4% to post $130 million. In particular, frozen tuna exports to the nation jumped 220.7% from $9.99 million in 2017 to $23.17 million in 2018 due to recent vitalization of Vietnam’s frozen-food processing industry.

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