SEOUL: South Korea’s imports of U.S. fishery products jumped 47 percent while its fishery exports to the U.S. increased 22 percent since the bilateral free trade agreement(FTA) took effect in 2012.
According to data by the Ministry of Oceans and Fisheries on Thursday, the country’s imports of U.S. fishery products posted 166 million U.S. dollars in 2011, a year before the FTA took effect. The figure increased by 47 percent, or 78 million dollars, to 244 million dollars last year.
The country’s exports of fishery goods to the U.S. increased 22 percent from 192 million dollars to 235 million dollars over the period. South Korea’s imports of lobsters from the U.S. surged 49-hundred percent, while its imports of salmon jumped 237 percent. Seoul’s tuna exports to Washington increased 149 percent, while its shipments of halibut and laver increased 144 percent and 76 percent, respectively.
A ministry official said that the effects of the surged imports of American lobsters on the South Korean fishery industry are limited as they are not locally produced or there are catch limits on the item under an international agreement.
