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| K-pop fans pose for a photo promoting Korea's seaweed at the K-Pop Festival in London, July 7. Courtesy of Ministry of Oceans and Fisheries |
By Lee Kyung-min
Korea's marine product exports are expected to register a record high of over 4 trillion won ($3 billion) this year, powered by the popularity of seaweed and tuna in South East Asia, the oceans ministry said Wednesday.
Anchoring this optimism is the figure having exceeded the ministry's goal of $3 billion on Dec. 9. It's a much-needed feat for the export-reliant economy set to log a record-high trade deficit of $50 billion this year, the first time in 14 years for Korea. Korea Customs Service data showed the country's year-to-date trade deficit stood at $47.46 billion as of Dec. 10, more than double the $20.6 billion in 1996.
The Ministry of Oceans and Fisheries said Korea's marine product exports soared 15 percent from a year earlier, buoyed by $620 million in sales of seaweed and $580 million in tuna sales.
Korea has an over 70 percent market share in the global seaweed market. The export figure surpassed $100 million for the first time in 2010 and has since grown by more than six-fold over the past decade. It has topped the list of best-selling marine product export items since 2019.
The added value created by seaweed is meaningful, the ministry said, since the entire production and manufacturing process is finished in Korea.
"Seaweed is locally grown by Korean farmers, and it is processed and sold by Koreans, enabling the profit to fully return to the country," the ministry said. "Also bolstering the robust sales was the addition of a variety of new seaweed-based snacks for U.S. consumers, among other countries."
The ministry plans to outline a strategy to bolster exports of popular marine products, mostly via tailored marketing in Southeast Asia, including countries such as Vietnam, Thailand and Indonesia. The region is where Korean pop culture is generating a fan base and subsequent explosive consumer demand. New strategies will be pursued to meet the demands of consumers in Europe and South America.
"The local fisheries and marine product industries have achieved this year's target, despite a slew of unfavorable market conditions," Minister of Oceans and Fisheries Cho Seung-hwan said. "The government assistance will expand to sustain and further the growth momentum for the key industries."
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