2024 Marine Food Product Exports to Exceed USD 3 Billion

- Gim (dried laver) exports to reach USD 990 million, the highest ever

- Diversification of export destinations including a 16.4% increase in exports to Europe compared to the previous year

 The Ministry of Oceans and Fisheries (MOF; Minister Kang Do-hyung) announced that the total export value of marine food products in 2024 will reach USD 3.04 billion (up 1.3% year-on-year). The export value of major items included gim as the top export item, recording USD 996 million (KRW 1.3 trillion) to reach the KRW 1 trillion mark for the second consecutive year. As the second largest export item, tuna recorded USD 589 million, up 4.6% from the previous year.

 The major exporting countries for marine food products in 2024 were Japan (USD 659 million) and the United States (USD 479 million). Exports to the European region increased 16.4% year-on-year to USD 227 million, showing potential for market expansion.

 MOF provided fund support in the form of loans necessary for operations such as raw material purchase, product storage, and processing to ensure the management stability of excellent export companies in 2024 (Support for Excellent Fishery Products/ KRW 13.2 billion in 2024). Moreover, the ministry provided each company with up to KRW 220 million per year to support the necessary funds for the capacity building level (Export Voucher Support Project/ KRW 7.7 billion in 2024).

 This year, it plans to operate the Non-Tariff Barrier Platform starting May to respond flexibly to the rapidly changing trade environment including protectionism, and to support the strengthening of competitiveness of Korean companies. In addition, to support the entry of Korean aquatic product export companies into the European market and diversify the markets, it will increase participation in European regional exhibitions including those in Spain and France centered on the newly opened Trade Support Center in France in November of last year—from three last year to six this year—and the joint K-Expo held by related ministries from one to three.

 “Last year’s export performance was the result of the industry’s multi-faceted efforts to export South Korean marine food products despite uncertain trade conditions such as global economic downturn, continued international conflicts, and fluctuations in supply and demand for seafood due to climate change. This year, we will strategically foster oysters and abalone as export items in addition to gim and tuna, and support the expansion of the market base to Europe and other regions to lead the growth of the K-marine food product industry actively,” Minister Kang Do-hyung said.