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2022
Exports $307MWorld Rnk 15 / 175
Flag Rnk 213 / 1204
2022
Destination $12.7M China
2021 - 2022
FASTEST GROWING MARKET $12.7MHong Kong
2022
PRODUCT COMPLEXITY IN Processed Crustaceans-1.65Rnk 967 / 1025
2022
Imports $1.53BWorld Rnk 4 / 224
Flag Rnk 69 / 1213
2022
Origin $56.6M Russia
2021 - 2022
FASTEST GROWING ORIGIN $56.6MRussia
2022
ECONOMIC COMPLEXITY of South Korea1.78Rnk 4 / 133

About

Exports In 2022, South Korea exported $307M in Processed Crustaceans, making it the 15th largest exporter of Processed Crustaceans in the world. At the same year, Processed Crustaceans was the 213th most exported product in South Korea. The main destination of Processed Crustaceans exports from South Korea are: China ($63M), United States ($62M), Japan ($60.4M), Hong Kong ($54.7M), and Chinese Taipei ($17.7M).

The fastest growing export markets for Processed Crustaceans of South Korea between 2021 and 2022 were Hong Kong ($12.7M), Chinese Taipei ($5.01M), and Japan ($4.3M).

Imports In 2022, South Korea imported $1.53B in Processed Crustaceans, becoming the 4th largest importer of Processed Crustaceans in the world. At the same year, Processed Crustaceans was the 69th most imported product in South Korea. South Korea imports Processed Crustaceans primarily from: Russia ($400M), Vietnam ($378M), China ($368M), Thailand ($109M), and Peru ($86.9M).

The fastest growing import markets in Processed Crustaceans for South Korea between 2021 and 2022 were Russia ($56.6M), Peru ($37M), and Vietnam ($31.1M).

COMPANIES In 2023, leading companies such as Wismettac Asian Foods (2) were at the forefront of shipping Processed Crustaceans from South Korea to the United States.

Latest Trends

July 2024

About

Overview In July 2024 South Korea's Processed Crustaceans exports accounted up to $9.31M and imports accounted up to $44.9M, resulting in a negative trade balance of $35.6M. Between July 2023 and July 2024 the exports of South Korea's   Processed Crustaceans have increased by $888k (10.5%) from $8.43M to $9.31M, while imports decreased by $-1.41M (-3.05%) from $46.3M to $44.9M.

Destinations In July 2024, Processed Crustaceans were exported mostly to United States ($3.36M), China ($2.32M), Japan ($1.68M), Hong Kong ($362k), and Malaysia ($203k), and were imported mostly from China ($15.7M), Vietnam ($13M), Thailand ($3.71M), United Kingdom ($3.63M), and Peru ($2.71M).

Growth In July 2024, the increase in Processed Crustaceans's year-by-year exports was explained primarily by an increase in exports to Japan ($553k or 18.1%), France ($194k or 4.85k%), and Chinese Taipei ($133k or 6.65k%). In July 2024, the decrease in Processed Crustaceans's year-by-year imports was explained primarily by a decrease in imports from United Kingdom ($-1.53M or -68.3%), Thailand ($-815k or -19.2%), and United States ($-441k or -99.8%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (July 2023 - July 2024)$888k(10.5%)
IMPORT GROWTH (July 2023 - July 2024)$-1.41M(-3.05%)
MAIN DESTINATION (July 2024)United States$3.36M

This section shows Processed Crustaceans's exports and imports data at subnational level for South Korea. Click any date in the line plot, any subnational region in the geomap, or any destination or origin country to explore the exports or imports behavior of Processed Crustaceans over time.

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Historical Data

Trade Balance

Color
EXPORTS (2022)$307M
IMPORTS (2022)$1.53B
NET TRADE (2022)-$1.23B

In 2022, South Korea exported $307M in Processed Crustaceans. The main destinations of South Korea exports on Processed Crustaceans were China ($63M), United States ($62M), Japan ($60.4M), Hong Kong ($54.7M), and Chinese Taipei ($17.7M).

In 2022, South Korea imported $1.53B in Processed Crustaceans, mainly from Russia ($400M), Vietnam ($378M), China ($368M), Thailand ($109M), and Peru ($86.9M).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Processed Crustaceans EXPORT MARKETS FOR South Korea WERE (2021 - 2022):
Hong Kong$12.7M (30.3%)
Chinese Taipei$5.01M (39.4%)
Japan$4.3M (7.67%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Processed Crustaceans BY South Korea WERE (2021 - 2022):
Canada-$1.23M (-15.9%)
New Zealand-$641k (-56.5%)
Australia-$518k (-22.7%)
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Change in Exports by Market (2021 - 2022)

Market Concentration

View
Flow
Type
In 2022, South Korea's main exporting competitors in Processed Crustaceans were:
China $4.44B
Vietnam $2.42B
Indonesia $1.53B
In 2022, South Korea's main importing competitors in Processed Crustaceans were:
United States $4.38B
Japan $2.15B
China $1.76B

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Trade Value of Processed Crustaceans by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALUnited States+ $8.19M
TOP IMPORT POTENTIALChina+ $17.8M

Processed Crustaceans’s highest export potential is United States. With an export gap of $8.19M.   Processed Crustaceans’s highest import potential is China with an import gap of $17.8M.

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