South Korea trade deal heads off tariff threat and eases path for Scottish salmon
Salmon farmers are poised to take advantage of the permanent extension of a free trade deal between the UK and South Korea, which is expected to provide a boost to Scottish exports.
The deal, announced by UK trade minister Chris Bryant and his Korean counterpart Yeo Han-koo at Samsung KX in London yesterday, guarantees continued and permanent tariff-free access.
The UK Government said iconic goods such as Scottish salmon and Scotch whisky will remain competitive in South Korea’s fast-growing import market, which is expected to grow by 26% by 2035.
It said some £2 billion of UK exports were weeks away from facing costly tariff hikes as a previous deal neared its end, but will now benefit from preferential access to one of Asia’s most advanced economies.
Exports worth £366,000 last year
Scottish salmon exports to South Korea rose more than tenfold from £214,000 in 2015 to £2.25 million in 2019 before trade was hit by the Covid pandemic.
With export levels in 2024 of £366,000, the new trade deal is expected to help Scottish salmon farmers capitalise on a recent boom in the Asian market.
Exports to China were up 60% in 2024 and volumes to Taiwan more than doubled.
This contributed to record international sales of more than £840 million and helped confirm Scottish salmon’s place as the UK’s biggest food export.
Salmon is also the UK’s favourite fish, with sales of Scottish and imported salmon reaching £1.5 billion in the 12 months to August, amid rising demand.
Close ties on trade
Tavish Scott, chief executive of trade body Salmon Scotland, said: “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.”
