Monday, 06/02/2023 16:48 (GMT+7)
In 2022, Vietnam is the third largest seafood supplier to the Republic of Korea (RoK). The country’s seafood market share in Korea's total imports was stable at 10.2%.
According to statistics of the Korea Customs Service, in 2022, the country spent 6.47 billion USD importing 1,595 million tons of seafood from 109 markets, up 3.9% in volume and 12.7% in value compared to 2021.
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| Vietnam is third largest seafood supplier to RoK |
In 2022, RoK strongly increased seafood imports from Russia and Vietnam, while reducing seafood imports from Norway, the United States, and Peru.
Vietnam is the third largest seafood supplier to the RoK in 2022, with 161,900 tons, worth 915.8 million USD, up 3.6% in volume and 15.3% in value compared to 2021.
In the first half of 2023, the RoK’s seafood imports are forecast to slow down following the trend in the last quarter of 2022, due to economic difficulties.
However, the trend of seafood consumption in the RoK has changed according to the trend of reducing consumer’s spending, which is an opportunity for Vietnamese seafood firms to promote export of seafood products with reasonable prices.
In the context of the global economic downturn, exports - the main engine of the Korean economy - will decrease and private consumption will also slow down due to high interest rates. This will impact Korea’s seafood import demand in 2023./.
BTA