Munsung Hyuk: "We Will Explore Ways to Expand Seafood Exports Through Online Channels"

Ministry of Oceans and Fisheries Develops Additional 'Measures to Expand Seafood Exports'
Processed Products like Seasoned Gim and Fish Cake to Provide Continuous Information through 'K-SEAFOOD Exhibition Hall'
Support for U.S. Market Promotion Utilizing Amazon

Minister of Oceans and Fisheries Moon Sung-hyuk (file photo) [Image source=Yonhap News]

[Sejong=Asia Economy Reporter Joo Sang-don] The Ministry of Oceans and Fisheries announced on the 11th that it will additionally establish and implement 'Measures to Expand Seafood Exports' to support the export industry struggling due to the decline in seafood exports caused by the COVID-19 pandemic.

As of the end of August 2020, the scale of domestic seafood exports was $1.49 billion, a decrease of about 11.9% compared to the same period last year. The decline in exports was mainly due to reduced demand in overseas markets caused by COVID-19, with significant decreases in dining-out items such as flatfish and tuna. Decreases were observed in major export countries including Thailand (-29.0%), Vietnam (-19.2%), Japan (-14.2%), and Greater China (-13.3%), excluding the United States.

So far, the Ministry of Oceans and Fisheries has implemented support measures for the seafood export industry to overcome the COVID-19 crisis, including emergency management stabilization funds and reductions in logistics center rental fees. Additionally, it allocated an extra budget of 5.1 billion KRW to promote sales events for Korean seafood in e-commerce markets of major export countries such as China and Vietnam. In total, support measures have been implemented four times to date.

However, as the global resurgence of COVID-19 continues and the export decline prolongs, the Ministry has decided to adjust its business plans to secure available budgets and focus on expanding promotional projects that directly connect to immediate exports, targeting products with increasing demand and top export markets to revitalize the export industry.

First, for processed products such as seasoned gim, canned tuna, and fish cake, which have seen increased household consumption due to COVID-19, product information will be continuously provided through the online 'K-SEAFOOD Exhibition Hall' scheduled to open next week, along with video consultation sessions to promote export expansion within this year. Additionally, for processed raw materials like dried gim and tuna, which have potential for export growth due to increased preference for processed products, individual promotional activities will be supported targeting large importers in countries with a high proportion of raw material exports.

Furthermore, tailored support will be provided according to the characteristics of each country's market, focusing on major seafood export markets. In Greater China, where online food consumption is active, non-face-to-face promotional activities will be concentrated using live broadcasts featuring influential celebrities. In the ASEAN region, where most importers actively trade with multiple countries within the area, promotional events will be supported by actively utilizing the global Korean merchant network. Moreover, for the U.S. market, which has rapidly grown online after COVID-19, promotion will be supported using fulfillment services and live broadcasts through Amazon, the number one e-commerce company.

On the morning of the same day, Minister Moon Sung-hyuk of the Ministry of Oceans and Fisheries held a video conference at the Government Complex Sejong with major seafood exporters, export support organizations, and overseas trade support centers. At the meeting, he stated, "In response to social changes caused by COVID-19, such as the normalization of consumption using non-face-to-face distribution markets worldwide, we will devise effective measures to strengthen online marketing and expand exports." He added, "We will cooperate with the export industry to maintain the competitiveness of Korean seafood in overseas markets and strive to make K-SEAFOOD a global brand."

This content was produced with the assistance of AI translation services.