SOUTH KOREAN MACKEREL IMPORTS DECLINE

South Korean mackerel imports decline

The import volume of frozen mackerel into South Korea in June 2024 decreased significantly . The imported frozen mackerel in June was 351 tons , a 71% decrease compared to 1,220 tons in June 2023 , and the cumulative import volume in  the first half of  2024 was 25,430 tons, a 21% decrease compared to 32,240 tons in the same period last year , accounting for about 5.7% of the total fishery product import volume of 445,418 tons .

Looking at the import status by country , as of June 2024 , frozen mackerel imported from Norway accounted for 91% of the total , at 23,125 tons , followed by 1,405 tons (5.5%) from China, 757 tons from the Netherlands , 95 tons from Germany , and 45 tons from Japan . The import unit price by country was the highest for China at USD 2.33/kg , followed by Norway at USD 2.26/kg, the Netherlands at USD 2.15/kg, and Germany at USD 2.32/kg .

The import value of frozen mackerel in June 2024 was USD 690,000 , down 74% from USD 2.62 million in June 2023. The cumulative import value this year was USD 57.34 million , down 18% from USD 69.69 million in the same period last year , and the average import price was USD 2.25/kg , up 4 % from USD 2.16/kg in the previous year .

This decrease in import volume and value is analysed to have been caused by various factors such as global supply chain issues and decreased demand , and it appears that continuous monitoring of import volume and price fluctuations will be necessary in the future .

For reference, the domestic wholesale price of frozen mackerel is set at 69,000 won for the 300/500 size from Norway and 73,500 won for the 400/600 size from Norway .

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