Will Booming Seasoned Seaweed Soar Higher? US Lifts Export Tariffs

15% Tariff Reduced to 0%... Export Value Expected to Rise
Ministry of Oceans and Fisheries Estimates Seaweed Exports to Reach $1.1 Billion This Year

The United States, the largest export market for Korean seaweed, has reportedly exempted seasoned seaweed, a leading K-food product, from tariffs.

Kim. Pixabay

On December 14, Yonhap News reported that the Ministry of Oceans and Fisheries announced that, according to the fact sheet on reciprocal tariffs released by the White House last month, seasoned seaweed is the only seafood product listed as tariff-free. With the 15% tariff on Korean seaweed in the US reduced to 0%, exports of seasoned seaweed are expected to become even more active. The tariff exemption for seasoned seaweed has been in effect since November 13, based on the customs clearance date. Seasoned seaweed accounts for over 90% of Korea's seaweed exports to the US. However, dried seaweed, like other seafood products, will continue to be subject to a 15% reciprocal tariff.

An official from the Ministry of Oceans and Fisheries explained, "The fact sheet includes a statement that additional negotiations will be held for tariff exemptions on natural resources not produced in the US," adding, "Seasoned seaweed has been included among the tariff-free items." The ministry also stated that it plans to negotiate with the US for tariff exemptions on dried seaweed and tuna fillets (boneless tuna meat).

Despite the reciprocal tariffs imposed by the Trump administration this year, Korea's seaweed exports to the US reached 228 million dollars (approximately 340 billion won) by last month, up 15.9% from the same period last year. The reciprocal tariffs led to a partial increase in retail prices of seaweed in the US market.

Last month alone, seaweed exports to the US amounted to 24.5 million dollars, a 25.2% increase compared to the same period last year. The monthly export growth rate in November was higher than the cumulative growth rate from January to November. The US accounts for more than 20% of Korea's total seaweed export value.

An official from the Ministry of Oceans and Fisheries expressed optimism, stating, "The tariff exemption for seasoned seaweed is expected to have a positive impact on the increase in seaweed export value." In fact, a major domestic company exporting seasoned seaweed to the US commented, "We used to bear the burden of tariffs, but now, with the exemption, we have more capacity to run promotional events," adding, "It will help expand sales." Another company representative noted, "We had to shoulder some of the tariff burden until now, but that burden is now gone," anticipating improved profitability.

Meanwhile, Korea's global seaweed exports from January to November this year reached 1.04 billion dollars (about 1.5366 trillion won), a 13.3% increase from last year. This is the first time that annual seaweed exports have exceeded 1 billion dollars. The Ministry of Oceans and Fisheries estimates that this year's seaweed export value will surpass 1.1 billion dollars.