Agri-Food Trade Service

Inside the South Korea Seafood Trade

April 2011

International Markets Bureau
MARKET INDICATOR REPORT | APRIL 2011

Global Analysis
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INSIDE THIS ISSUE

• Trade Summary
• Canadian Performance
• By the Numbers
• Top Ten Suppliers to South Korea in 2010

TRADE SUMMARY

South Korea is not currently a large market for Canadian exports of fish and seafood. Canada's share of the South Korean fish and seafood market accounted for only 1.53% in 2010, an increase from 1.51% 2009.

From a global perspective, South Korea is a large importer of fish and seafood, importing over CAD¹ $3.2 billion in 2010, an increase of 7.48% from 2009. In fact, it is the ninth largest importer of fish and seafood in the world. Its main suppliers are China (33.5%), Russia (16.0%), Vietnam (12.0%), Japan (7.2%), and the United States (3.6%).

South Korea's main fish and seafood imports in 2010 included frozen fish with bones ($844.4 million), frozen shrimp and prawns ($240.9 million), frozen dried and salted octopus ($199.3 million), frozen fish meat ($179.9 million), live fish ($165.7 million) and molluscs ($163.7 million).

In 2010, South Korea exported just over $1.6 billion in fish and seafood products worldwide, an increase of 7.0% from the previous year. Most of South Korea's exports were frozen fish fillets ($208.4 million), frozen fish with bones ($201.6 million), cuttlefish and squid ($115.8 million), frozen skipjack tuna ($115.6 million) and live molluscs ($112.5 million). Top destinations included Japan (48.4%), China (13.5%), and Thailand (6.8%).

CANADIAN PERFORMANCE

In 2010, Canada was the eleventh largest supplier of fish and seafood to South Korea, with sales of $48.7 million (based on South Korean import data). Fish and seafood exports to South Korea increased 7.7% from 2009 to 2010. Much of this growth can be attributed to an increase in exports of live, fresh, chilled and salted fish, up to $14.7 million, frozen fish with bones ($8.1 million), and frozen lobsters in shell ($6.9 million).

In 2010, South Korea received 1.53% of Canada's fish and seafood exports, while the U.S. received 62% and Japan 8%.

For Canada, fish and seafood is the fifth most significant export sector to South Korea, behind commodities such as meat and cereals. The fish and seafood sector represented just 6% of total agri-food and seafood exports to South Korea in 2010.

South Korea's imports of fish and seafood increased by 8% from 2009 to 2010.

BY THE NUMBERS

Source: Global Trade Atlas, 2010

TOP TEN SEAFOOD SUPPLIERS TO SOUTH KOREA IN 2010

1. Imports from China

• Frozen fish, with bones: $345.7M
• Live fish: $129.7
• Octopus, frozen, dried, salted, in brine: $109.6M
• Prepared or preserved molluscs: $58.2M
• Live octopus: $48.8M

2. Imports from Russia

• Frozen fish, with bones: $268.3M
• Frozen livers and roes: $56.3M
• Frozen fish fillet: $42.1M
• Frozen cod: $27.1M
• Frozen/dried/salted fish: $26.3M

3. Imports from Vietnam

• Frozen shrimp and prawns: $88.3M
• Frozen, dried, salted octopus: $72.5M
• Frozen fish meat: $66.1M
• Frozen/dried/salted cuttle fish and squid: $44.1M
• Prepared or preserved fish: $36.0M

4. Imports from Japan

• Fresh/chilled fish, with bones: $62.0M
• Raw and cooked crabs: $34.2M
• Frozen fish, with bones: $31.6M
• Live fish: $28.4M
• Fresh/lived/chilled molluscs: $21.3M

5. Imports from the United States

• Frozen fish meat, excl. steaks and fillets:: $36.1M
• Frozen fish, with bones: $34.7M
• Frozen fish livers and roes: 9.9M
• Frozen flat fish, excl. fillets: $7.9M
• Frozen cod, excl. fillets: $7.8M

6. Imports from Thailand

• Frozen shrimp and prawns: $45.0M
• Prepared or preserved shrimp and prawns: $16.1M
• Frozen fish meat, except steaks and fillets: $8.3M
• Frozen, dried and salted molluscs: $6.9M
• Frozen, dried, and salted octopus: $5.9M

7. Imports from Taiwan

• Frozen fish, with bones: $51.9M
• Frozen fish, fillet: $17.4M
• Frozen bigeye tuna, except fillet: $4.6M
• Frozen swordfish, except fillet: $4.5M
• Frozen yellowfin tuna, except fillet: $4.4M

8. Imports from Norway

• Frozen Mackerel, except fillet: $32.9M
• Fro. Atlantic/Danube salmon, with bone: $31.8M
• Fro. Atlantic/Danube/pacific salmon: $22.5M
• Fresh/chilled fish, fillet: $5.2M
• Frozen fish, fillet: $2.3M

9. Imports from Indonesia

• Frozen fish, with bones: $11.5M
• Frozen fish meat: $10.4M
• Frozen swordfish, except livers/roes: $9.3M
• Caviar and caviar substitutes: $7.4M
• Frozen, dried, salted octopus: $5.7M

10. Imports from Hong Kong

• Live eels: $54.8M
• Prepared or preserved fish, whole/pieces: $1.6M
• Frozen toothfish meat, except fillet: $0.90
• Dried and salted fish: $0.20

Source: Global Trade Atlas, 2010

1 Unless otherwise noted, all figures in this report are in Canadian dollars

The Government of Canada has prepared this report based on primary and secondary sources of information. Although every effort has been made to ensure that the information is accurate, Agriculture and Agri-Food Canada assumes no liability for any actions taken based on the information contained herein.

Inside the South Korea Seafood Trade
© Her Majesty the Queen in Right of Canada, 2011
ISSN 1920-6615 Market Indicator Report
AAFC No. 11455E

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