S. Korea to up seafood exports to $4.5b by 2027

South Korea will penetrate deeper into the global seafood market with the goal of exporting $4.5 billion worth of goods in the sector by 2027, the oceans ministry said Wednesday.

The amount represents around a 50 percent rise from a record high of $3.15 billion tallied in 2022, on the back of the global popularity of "gim" and abalone, according to the Ministry of Oceans and Fisheries.

Gim, or dried seaweed, is usually roasted with sesame oil and fine salt, and served as a side dish in Korean dining.

The ministry said South Korea plans to foster new mainstay export products in the seafood industry, such as fish cake, sea mustard and salmon, while maintaining the competitiveness of gim and other existing leaders.

South Korea will support efforts to develop ready-to-eat meals or health supplements utilizing seafood as well, it added.

Other plans include rolling out marketing projects in connection to the popularity of Korean entertainment content overseas and designating a special district at major ports where companies can import, process and export seafood products.

South Korea will also increase the number of seafood businesses with an export volume of $10 million or higher to 100, compared with the current estimate of 63, the oceans ministry added. (Yonhap)