Image: Unión Forsea Corp. / FIS

Korean Market Situation for Shrimp and Cuttlefish

SOUTH KOREA
Tuesday, July 23, 2024, 07:00 (GMT + 9)

As of June 2024, the volume of frozen whiteleg shrimp imported into the country recorded 235 tons, a 72% decrease compared to the same period last year, and this figure is a significant decrease from 826 tons in June 2023. Cumulative imports as of June were 1,505 tons, a 35% decrease from 2,323 tons in the same period last year, accounting for 0.3% of the total seafood imports of 445,418 tons.

Until June of this year, frozen whiteleg shrimp meat was mainly imported from Thailand (684 tons, 46%), followed by 491 tons from Vietnam, 278 tons from India, and 36 tons from Indonesia. The import unit price by country was USD for Thailand. It was the highest at 11.91/kg, Vietnam was the lowest at USD 8.38/kg, and Indonesia was the lowest at USD 6.06/kg.

Source: Union Forsea Corp. 

The import amount of frozen whiteleg shrimp meat in June was USD 2.27 million, a 69% decrease from USD 7.38 million in the same period last year, and the cumulative import amount was USD 14.98 million, a 36% increase compared to USD 23.25 million in 2023. It decreased, and the average import price was USD 9.96/kg, down 0.5% from USD 10.01/kg in the same period last year. This sharp decline in import volume and value is believed to have been influenced by changes in the global seafood supply chain as well as a decrease in domestic market demand for frozen white shrimp meat, and continuous monitoring of future market trends appears to be necessary.

For reference, the domestic wholesale price of frozen white leg shrimp meat is set at 107,000 won for 9kg, 31/50 size from Vietnam.

*For more information, refer to seafood wholesale prices.

Imports of seafood from Malaysia decreased by 27%: Imports of some items showed an increase

Source: Vasep  -->

In June 2024, the amount of Malaysian seafood imported into Korea decreased by 27% compared to the same period last year, reaching 414 tons, and this figure was a significant decrease compared to 564 tons in June 2023. The cumulative import volume as of June was 2,262 tons, a 15% decrease from 2,654 tons in the same period last year, which accounts for 1% of the entire country's import volume of 445,418 tons.

By detailed item, 1,082 tons of frozen spotted shrimp were imported, a 1% increase from 1,068 tons in the same period last year, and 604 tons of frozen white shrimp were imported.

There was a 27% decrease from the previous year's 827 tons, and 214 tons of frozen octopus were imported, a 28% decrease from the previous year's 297 tons.

<-- Source: Union Forsea Corp. 

176 tons of frozen cuttlefish were imported, a 159% increase from the previous year's 68 tons.

The import amount of Malaysian seafood in June 2024 was USD 2.85 million, a 44% increase from USD 1.98 million in the same period last year.

The cumulative import amount was USD 21.02 million, a 10% decrease compared to USD 23.36 million in the same period of 2023.

This decrease in import volume is analyzed to reflect changes in demand for some items and volatility in the global seafood market, however, such as frozen cuttlefish.

Some items show an increase in imports, showing changing market conditions. It is necessary to carefully look at future income trends.

Source: Union Forsea Corp (Translated from the original in Korean)

editorial@seafood.media
www.seafood.media

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