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One-third of South Korea’s fisheries imports up to September this year were from China, a study said Sunday, adding the figure is expected to further increase when a bilateral trade deal takes effect.
The tally by the Korea Maritime Institute showed Korea imported some 959,000 tons of fisheries products in the January-September period, of which 31.6 percent came from China.
In terms of value, imports from China amounted to $3.11 billion. This marks a 19.3 percent increase in volume and 18.4 percent jump in monetary terms compared with the same period a year ago.
South Korea and China announced on Nov. 10 that they concluded their negotiations for a free trade agreement. The deal includes Korea’s elimination of import tariffs on 40 percent of agricultural and fisheries products from China. The two are cited as local sectors likely to be hit hardest by the trade pact.
Russia came next, accounting for 21.4 percent of South Korea’s fisheries imports. KMI said imports increased overall from a bigger global catch this year and from cheaper import prices as the Korean currency strengthened.
Imports from Japan, shunned by local consumers over fears of radioactive contamination, totaled close to 22,000 tons worth $70.4 million, a drop of 23.6 percent in volume and 20.5 percent in monetary value. (Yonhap)
The tally by the Korea Maritime Institute showed Korea imported some 959,000 tons of fisheries products in the January-September period, of which 31.6 percent came from China.
In terms of value, imports from China amounted to $3.11 billion. This marks a 19.3 percent increase in volume and 18.4 percent jump in monetary terms compared with the same period a year ago.
South Korea and China announced on Nov. 10 that they concluded their negotiations for a free trade agreement. The deal includes Korea’s elimination of import tariffs on 40 percent of agricultural and fisheries products from China. The two are cited as local sectors likely to be hit hardest by the trade pact.
Russia came next, accounting for 21.4 percent of South Korea’s fisheries imports. KMI said imports increased overall from a bigger global catch this year and from cheaper import prices as the Korean currency strengthened.
Imports from Japan, shunned by local consumers over fears of radioactive contamination, totaled close to 22,000 tons worth $70.4 million, a drop of 23.6 percent in volume and 20.5 percent in monetary value. (Yonhap)
