Although production of fish and fishery products in North Korea tends to continuously decrease due to insufficient production factors as outworn fishing vessels and equipment and low level of fishing technologies, South Korea`s import of fish and fishery products from the North has rapidly increased since 1989. While the importation of fishery products from North Korea may have positive effects such as the increase in consumer`s surplus, the substitution of imported fishery products and the increasing socio-economic cooperation between North and South Korea, excessive imports may cause the instability of domestic fish prices, which may result in reduction in producer`s surplus.Therefore, it is essential for policy-makers to set up a stream of policies improving the mutual economic benefits for both countries, which can be attained by minimizing the negative effects caused by importing fishery products from North Korea. 

 From this point of view, this paper attempts to analyze the present trade conditions between two countries and the contingent market issues regarding fishery products imported from North Korea. The results suggest the following policy directions for managing fishery product importation from the North. First of all, it can be considered to reduce the number of import approval items. Second, it is also desirable to gradually eliminate the Emergency Import Restriction System(EIRS). Third, it is necessary to put into practice the ex-post origin-proof system. Finally, it is also necessary to establish private economic cooperation institutions for fishery trade between the two countries and set up an integrated information management system to improve the North Korea`s fisheries and fishery cooperation in the long run.