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South Korea's Frozen Mackerel Imports Skyrocket in First Half of 2025

SOUTH KOREA
Friday, July 04, 2025, 06:00 (GMT + 9)

Imports surge by 51% year-on-year, driven by strong demand and market fluctuations, prompting the government to implement a zero-tariff policy to stabilize soaring domestic prices.

SEOUL – South Korea has seen a dramatic increase in its frozen mackerel imports during the first half of 2025, with volumes soaring by 51% compared to the same period last year. This significant rise highlights robust domestic demand and shifts in the international seafood market.

According to recent statistics, the cumulative volume of frozen mackerel imported from January to June this year reached 38,501 tonnes, a substantial jump from 25,430 tonnes in H1 2024. This volume now constitutes approximately 8% of South Korea's total seafood imports, which stood at 460,363 tonnes for the period.

June alone witnessed an exceptional surge, with frozen mackerel imports totaling 1,624 tonnes—a staggering 363% increase from just 351 tonnes recorded in June 2024.

Norway Dominates Supply Chain

Norway remains the primary supplier of frozen mackerel to South Korea, accounting for a dominant 81% of total imports with 31,078 tonnes in the first half of 2025. China followed as the second-largest source with 3,424 tonnes (9%), while the United Kingdom contributed 1,510 tonnes and the Netherlands supplied 1,167 tonnes.

The unit prices varied by country of origin, with Norwegian mackerel priced at $2.80/kg, Chinese at $1.85/kg, and Dutch at $2.84/kg.

Import Values and Domestic Prices Climb

Alongside the surge in volume, the financial value of these imports also escalated significantly. In June 2025, the import value of frozen mackerel reached $4.42 million, marking an astonishing 538% jump from $690,000 in the same month last year. The cumulative import value for the first half of the year hit $102.97 million, an 80% increase from $57.34 million in H1 2024.

The average import unit price also rose to $2.67/kg, up 19% from $2.25/kg last year. This price hike is attributed to a combination of heightened mackerel demand and broader fluctuations in international market prices.

Domestically, consumers are feeling the impact of these trends. As of the first week of July, the price of domestically distributed Norwegian frozen mackerel (in a 20kg package, 400/600 grams) stands at around $72.25 USD. This marks a 42% increase compared to approximately $50.80 USD in the same period of 2024.

Note: The conversion from KRW to USD uses an approximate exchange rate of 1 USD = 1357 KRW, based on rates from early July 2025.

Government Intervenes to Stabilize Market

In response to the sharp increase in import volumes and soaring domestic prices, the South Korean government has taken steps to intervene. To curb price inflation and stabilize the market, authorities have decided to apply an adjusted tariff of 0% on 10,000 tonnes of frozen mackerel imports starting July 1st. This temporary measure replaces the standard 10% import tariff and aims to alleviate the cost burden on consumers and distributors.

Source: Union Forsea Corp

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