October 22, 2011
South Korea's seafood exports hit record
South Korea's seafood exports as of September achieved a record of US$1.67 billion, an on-year increase of 31%, according to the Korea Agro-Fisheries Trade Corporation (aT).
"The upsurge in fisheries and marine product exports came from increased international prices of Korea's export items such as tunas and squids, and the repercussion from Japan's earthquakes," announced the aT based on its analysis of fisheries and marine product export trends. "Japan's demands for Korean fisheries products surged after the earthquakes, notably demands for seaweeds, oysters, and abalones."
The nation's tuna exports rose 7.3% from the previous year to US$294 million, and squid exports rose a whopping 48.5% to US$144 million. Laver exports have seen a surge of 69.5% to US$118 million, according to the aT report.
By country, exports to Japan, the biggest market, rose 16.8% from a year earlier to US$711 million, and exports to China more than doubled by growing 122.5%, to reach US$324 million.
"The surge in Japan's demand and the growing Chinese market will play important roles in attaining this year's export target of US$2.15 billion by the end of the year," the aT said.