December 18, 2009

Korea and China signs seafood exports agreement

According to government officials, eight South Korean seafood companies have signed a US$1.03 million deal to export seafood to China.

"Demand for South Korean seafood is increasing in China thanks to the growing number of Chinese consumers who prefer seaweed and fish produced in South Korea," said an official at the Korean Ministry for Food, Agriculture, Forestry and Fisheries.

In 2008, China exported US$10.11 billion worth of fish and seafood, an on-year increase of 9.15%. Although the export volume fell 4% from 2.95 million tonnes in 2007 to 2.83 million tonnes in 2008, higher revenue was achieved from the exports of prepared fishery products, which rose by about 37% in quantity and 49% in value of the total fishery exports in 2008.

Meanwhile, South Koreaimports seafood from about 80 countries worldwide, with 56% of the imports coming from China, Russia and Vietnam. According to a research, South Korea imported 10 times more seafood in 2007 than in 1988 due to an increase in demand and a decline in domestic production.