Refer Report

Prices of major seafood products such as croaker and seaweed are rising ahead of the Chuseok holiday. Climate change and a decrease in catch due to overfishing are cited as the causes.

According to the price information of the Korea Agro-Fisheries & Food Trade Corporation (aT) on the 5th, the retail price of one frozen croaker rose 30.1% year-on-year to 1,754 won (as of the 4th). It is 30.2% higher than the average price of the past three years. The price of croaker, which is made by salting croaker and drying it in the sea breeze, also rose 37.1% compared to the same period last year and the average year. As the prices of croaker and croaker, which are representative foods that are always served on the ancestral rite table, rise, the burden on households preparing for Chuseok is expected to increase even more.

The reason for the price increase is the decrease in catch. An official from the Ministry of Oceans and Fisheries said, “The number of individuals has decreased due to overfishing, and climate change has changed the location and time of croaker fishing, making fishing difficult, which is decreasing the catch.” In fact, the domestic croaker catch has steadily decreased from 41,000 tons in 2020 to 15,100 tons last year.

The price of seaweed is also on the rise. As of the 4th, the retail price per 10 sheets of seaweed was recorded at 1,350 won, up 38.0% year-on-year and 49.1% year-on-year. According to the Korea Consumer Agency, the price of seaweed gift sets sold at department stores and large marts also rose by up to 56.3% compared to the last Lunar New Year holiday.

The price of domestic squid (refrigerated) is also on the rise. As of the 4th, the price of one piece was 5,159 won, up 13.3% from a year ago and 17.3% from the average year. The Ministry of Oceans and Fisheries explained that the recent excessive rise in coastal water temperatures has caused squid to move to the open sea, reducing the catch.

The Ministry of Oceans and Fisheries is releasing 12,560 tons of stockpiled fish into the market to respond to rising fish prices. This includes 2,000 tons of squid, 160 tons of anchovies, 9,000 tons of pollack, 900 tons of mackerel, 450 tons of hairtail, and 50 tons of dried anchovies. It is also running discount and refund events at marts, traditional markets, and online malls with an investment of 30 billion won.

Reporter Taeho Ahn eco@hani.co.kr

Source: Korean