Due to the Impact of COVID-19, Last Year's Seafood Exports Fell by 7.4%... Only 'Gim' and 'Eomuk' Increased

Seafood Exports Plummet to $2.32 Billion in 2020
Processed Product Exports Increase Amid Rising Household Consumption

[Asia Economy Reporter Joo Sang-don] Due to the impact of the novel coronavirus disease (COVID-19), seafood exports declined by more than 7% last year. However, exports of processed products such as seasoned gim and fish cakes increased as household consumption grew.

According to the Ministry of Oceans and Fisheries on the 7th, seafood export value in 2020 was $2.32 billion (approximately 2.5 trillion KRW), down about 7.4% from $2.51 billion in 2019.

An official from the Ministry of Oceans and Fisheries explained, "The decrease in exports of dining-out items such as tuna, abalone, and flatfish affected the overall decline. On the other hand, exports of processed products increased, including seasoned gim (12.9%), fish cakes (2.0%), processed products like gim snacks (9.5%), and canned goods including tuna cans (10.2%)." Accordingly, the export share of processed seafood products, which was only about 40% in 2019, rose by 5 percentage points year-on-year to approximately 45%.

In particular, gim ranked first in export items again in 2020 following 2019. Last year, gim exports reached $600 million, marking an all-time high. It surpassed $600 million just three years after breaking the $500 million mark in 2017.

Lee Kyung-gyu, Director of Fisheries Policy at the Ministry of Oceans and Fisheries, said, "Achieving exports exceeding $2.3 billion despite the global economic downturn caused by COVID-19 and the significant contraction of international trade is a very valuable accomplishment. This year, we will expand non-face-to-face export support in line with changing consumption trends and make every effort to recover exports by promoting the development and export of processed seafood products."

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