Aug. 31, 2021, China’s Customs Authority updated the ” List of S. Korean Fishery Products Establishments Registered to P.R. China”, allowing exports of newly registered 125 South Korean fishery products establishments after Aug. 31, 2021.
Media reports said in March that S. Korean Ministry of Oceans and Fisheries intended to expand the aquatic products exports, and strive to increase the export volume by 30% to US$3 billion by 2025. According to Yonhap News Agency, S. Korean government intended to build the aquatic product industry into a “new economic growth engine.” Many S. Korean aquatic products establishments have obtained export licenses to China, which is undoubtedly a major benefit to the Korean aquatic products industry.
Affected by the pandemic, S. Korean exports of aquatic products amounted to 2.32 billion U.S. dollars in 2020, a decrease of 7.4% from 2019. As of June 17, 2021, South Korea’s exports of aquatic products this year reached 1.14 billion U.S. dollars, an increase of 14.5% over the same period last year, continuing to maintain a positive trend. Among them, exports to China increased by 10% y/y.
Meanwhile, China’s customs authority cancelled the registration qualifications of 62 Korean aquatic products establishments and prohibited them from shipping products after August 31, 2021.