Lobster sales to Korea accounted for US$18.1 million or about 19.3 billion won last year, up by 639.5 percent compared with $2.4 million in 2011 when the free trade agreement has yet been implemented. (image: Kobizmedia/Korea Bizwire)
SEOUL, Oct. 7 (Korea Bizwire) — The volume of lobsters exported to South Korea has skyrocketed thanks to the South Korea-U.S. Free Trade Agreement.
According to the United States Department of Commerce on October 4, lobster sales to Korea accounted for US$18.1 million or about 19.3 billion won last year, up by 639.5 percent compared with $2.4 million in 2011 when the free trade agreement has yet been implemented.
When it comes to the crustaceans harvested in the state of Maine only, in particular, export figures hit the record of $5.0 million, dramatically up by 945 percent only in two years compared with $480,000 in 2011.
The export trend allows South Korea to join the top sixth lobster-importing country in the world following Canada, Italy, Spain, China and France. More Koreans enjoy the seafood than Hong Kong, Taiwanese and Japanese consumers.
The import volume to Korea has also increased this year. The U.S. has exported lobsters caught in the local waters worth $12.8 million by this August, up by 78.7 percent compared with the same period last year.
While northeast coast in the U.S. had bumper harvests of the seafood last year, the total haul decreased by 15 to 20 percent this year compared with the previous year, causing the price hike of lobsters combined with the rising demand on the sea creature.
By Veronica Huh (veronicah@koreabizwire.com)
