South Korea’s Yellowfin Sole Imports Drop Markedly, Russia Remains the Top Supplier
Yellowfin sole (Limanda aspera) is an important flatfish demersal species in the North Pacific and a popular frozen seafood product in the South Korean market. South Korea relies heavily on overseas supplies of frozen yellowfin sole, with Russia as the overwhelmingly dominant supplier. According to trade data released by FiS on March 17, South Korea’s imports of frozen yellowfin sole fell notably in 2021. Both monthly and year‑to‑date import volumes declined year‑on‑year, while the average import price also moved lower.
Import Volume: Year‑to‑Date Imports Plunge by 36%
Statistics show South Korea imported 1,112 tonnes of frozen yellowfin sole in February 2021, down 6% from 1,187 tonnes in the same month of the previous year.
The cumulative import volume for January–February stood at only 2,018 tonnes, a steep drop of 36% compared with 3,130 tonnes a year earlier.
Looking at the longer‑term trend, the average February import volume between 2016 and 2021 was 1,097 tonnes. The February 2021 figure of 1,112 tonnes was just 1% above the historical average, meaning the monthly reading was not weak. The real market pressure was reflected in the year‑to‑date total.
Supply sources are highly concentrated for South Korea’s frozen yellowfin sole imports:
Russia: 90% share, supplying 1,812 tonnes in February, the core supplier for this product;
United States: 9% share, supplying 184 tonnes;
China: 1% share, supplying 22 tonnes.
Overall, 90% of South Korea’s supply comes from Russia. Such high concentration means catch quotas and fishing schedules in supplying countries directly affect arrival volumes in South Korea.
Import Value & Pricing: Import Value Down 26%, Average Price Falls 21%
Alongside lower import volumes, the total import value in February 2021 dropped from USD 2.59 million a year ago to USD 1.91 million, a 26% year‑on‑year decline.
Prices corrected markedly: the average import unit price fell from USD 2.18/kg to USD 1.72/kg, down 21% year‑on‑year. Broken down by origin, Russian product averaged USD 1.70/kg while US product was slightly cheaper at USD 1.68/kg, with little price gap between the two.
Industry Takeaways
South Korea’s yellowfin sole import market features a highly concentrated supply structure led by Russia. Any changes in Russian fishing or exports will be directly passed through to arrival volumes and market availability in South Korea.
While year‑to‑date imports fell sharply in early 2021, the February monthly volume was close to the historical average, alongside a notable drop in average import prices. This points to soft market demand or ample available supply putting downward pressure on prices at that time.
For seafood traders, reliance on a single supplier carries supply‑chain risks. The United States and China, as secondary sources, offer limited alternative supply capacity.
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