November 14, 2007

South Korea's seafood imports up 16 percent in 2006

South Korea's seafood imports from all origins have increased by 16 percent to US$2.77 billion in 2006, according to the US Department of Agriculture (USDA).

The US was the largest supplier of seafood which amounted to US$151 million or 63,000 tonnes. Total imports of American seafood are projected to increase by ten percent to US$3 billion.

On the other hand, South Korea's seafood shipments were worth US$1.09 billion last year. According to the USDA, the Asian country exported more seafood than it imported six years ago but growing demand and fewer supplies have overturned the situation. To date, South Korea has already imported US$1.7 billion worth of seafood and is expected to increase further.

South Korea's seafood production has increased to 3.03 million tonnes in 2006, up 12 percent from 2.71 million tonnes in 2005 due to advances in shallow-sea aquaculture which jumped to 1,259,000 tonnes in 2006 from 1,041,000 the previous year. Seaweed and shellfish were the main products, accounting for 92 percent, followed by fish with 7 percent and crustaceans with one percent.

However, the USDA reports that the country's local production will not increase in the future due to the depletion of resources in adjacent waters, the reducing of fishing vessels and the implementation of Exclusive Economic zones by South Korea's neighbouring countries. To resolve the situation, the Korean government has increased the downsizing of Korean fishing fleet and will be reduced in the following years. The country is also conducting an intensive study of aquaculture and securing high-fish catch quotas overseas.

For more of the USDA report, please click here