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IntraFish Media   

March 13. 2008

Within the last decade the Republic of South Korea has moved from a net exporter of seafood to a net importer.
Reductions in domestic harvests and growing demand fueled by an expanding consumer economy are forcing Korea’s seafood suppliers to import more and more of the country’s seafood supply.

In this exclusive IntraFish Media report, you’ll find a comprehensive overview of Korea’s supply and demand dynamics.

The report provides practical information for those looking to sell into Korea’s expanding seafood market, including over 30 charts of detailed trade statistics, a listing of the country’s top seafood importers, an overview of consumer consumption patterns, and a look at key trends affecting the Korean market.

Here are just a few of the report’s highlights:

• Korean seafood imports from all origins increased to $2.77 billion in 2006, up 16 percent from $2.38 billion in 2005.
• In 2007, total imports of seafood were expected to increase by about 10 percent to $3 billion.
• Imports are expected to continue to outpace exports ensuring Korea will remain an important market for seafood suppliers.
• The Korea-U.S. Free Trade Agreement, concluded in April 2007, is expected to create more opportunities for U.S. seafood exporters.
• Recognizing the potential economic impact of it shrinking wild-capture fishing fleet, the South Korea government is undertaking an in-depth study of aquaculture and researching how to secure higher fish catch quotas in foreign waters.
• Korea’s annual per capita seafood consumption was 48.1 Kg (fishery products and shellfish 38.5 kg; seaweed 9.6 kg) in 2005.
• The major fish species Koreans consume are Alaska pollock, squid, mackerel, hair tail and yellow corvina.
• Seafood family-restaurants are getting popular and expanding in Korea thanks to increased income and improved standards of living.

Asian economies are growing fast, and experts predict Asia’s economic power will surpass that of the West.
The region offers tremendous growth opportunities for seafood companies willing to learn about the various markets and invest the time pioneering them.
This report will assist you in expanding your business into the South Korea market.