Scottish salmon sector welcomes South Korea free trade deal
Scotland’s salmon farmers are hopeful that a new free trade deal between the UK and South Korea, announced on Monday, will lead to increased trade between the two countries.
The deal secures permanent tariff-free access for UK goods to the market, and follows high-level talks between the UK and South Korean governments.
It also sets out modernised rules of origin and continued, permanent tariff-free access across 98% of South Korean tariff lines, protecting £2 billion in exports which, the UK Government says, could otherwise be at risk of incurring additional duties.
Scottish salmon exports to South Korea rose more than tenfold from £214,000 in 2015 to £2.25m in 2019 before trade was hit by the global pandemic.
With export levels in 2024 of £366,000, the new trade deal is expected to help Scottish salmon farmers capitalise on the recent boom in the Asian market.
Exports to China were up 60 per cent in 2024 and volumes to Taiwan more than doubled.
This contributed to record international sales of more than £840m and helped confirm Scottish salmon’s place as the UK’s biggest food export.
Tavish Scott, chief executive of Salmon Scotland, commented: “We welcome the developments and the close ties on trade with South Korea.
“This deal will increase support in accessing the market and provide the opportunity for our exporters to deliver fish in pristine condition, with confidence, to consumers in South Korea.
“South Korea represents an important market within Asia where Scottish salmon has seen significant growth in recent years.”
More broadly, the new trade deal is also expected to help UK manufacturing industry.
Rain Newton-Smith, CEO of the CBI, said: “This deal will help business go further and faster, powering growth through collaboration in advanced manufacturing, digital, services, clean energy and creative industries. Together, South Korea’s world-class technology base and the UK’s strength in innovation will bolster the industries shaping the next decade.
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