South Korea’s Frozen Squid Tube Imports Plummeted By 46%, And Prices Rose By 19%

In 2024, South Korea's imports of frozen squid tubes will decline significantly. As of October, total imports were only 15,883 tons, a 46% decrease from 29,285 tons in the same period in 2023. Although the cumulative import volume for the whole year fell sharply, the monthly import volume in October reached 3,084 tons, an increase of 17% from 2,639 tons in the same period last year.

South Korea's current frozen squid tube imports account for only 2% of the world's total imports (732,192 tons). Its main supplier countries are China and Chile, with China supplying 8,793 tons, accounting for 55%, and Chile supplying 5,791 tons, accounting for 37%. Other suppliers include Peru (715 tons), Argentina (315 tons), Indonesia (166 tons) and Taiwan (98 tons).

From the perspective of import prices, there are significant price differences among different supplying countries. Among them, the average unit price of squid tubes in Argentina is the highest, at US$6.12 per kilogram; the unit price of squid tubes supplied by China is US$2.41; Chile and Peru are US$1.93 and US$2.13 respectively. The overall average import price has increased by 19% this year, from US$1.94 per kilogram last year to US$2.32.

The total import value of frozen squid tubes in October was US$8.22 million, an increase of 69% compared with US$4.86 million in October 2023. However, the cumulative import value so far in 2024 is US$36.82 million, a year-on-year decrease of 35% and lower than last year's US$56.71 million. Although the total import volume decreased, the increase in unit prices caused the total import value to increase in some months.

The Korean frozen squid tube market is experiencing dual changes in import volume and price, especially high-priced products from Argentina and China occupying an important share of the market. The future market direction will be further affected by changes in the international supply chain and prices.