South Korea increased its seafood exports to ASEAN countries
South Korea's seafood exports have increased in the last year thanks to an expanding market for expensive products in China and recent vitalization of Vietnam’s frozen-food processing industry, according to Eleven magazine.
The Korean Ministry of Oceans and Fisheries informed that exports of fishery products hit an all-time high of $2.386 billion in 2018, surpassing the former record of $2.383 billion set in 2012.
Japan and China were the main destinations for seafood exports with $760 million and $390 million respectively but the value of exports on the Japanese market has decreased by 1.2% compared with previous year while the Chinese market has grown by 6.1%.
There was a high demand for expensive products such as abalone (+3,133.1%), sea cucumber (299.6%) and crab (215%) in the Chinese market, observed the officials. In Southeast Asia, fishery product exports to Vietnam climbed 29.4% to post $130 million. In particular, frozen tuna exports to the nation jumped 220.7% from $9.99 million in 2017 to $23.17 million in 2018 due to recent vitalization of Vietnam’s frozen-food processing industry.
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