Government Holds Large-scale Discount Event to Stabilize Seafood Prices

As seafood prices surge, the government has announced measures to stabilize them.

On the 29th, the Ministry of Oceans and Fisheries announced that it will hold the 'Korea Seafood Competition – Special Event for Family Month' in May and June to commemorate the off-season and Family Month.

This event will take place from the 30th to the 18th of next month at nationwide supermarkets and online malls, offering popular fish species such as mackerel, hairtail, pollack, spotted sea bass, squid, and dried anchovies, as well as seasonal seafood like seaweed and cockles at discounts of up to 50%.

In particular, from the 9th to the 13th of next month, a refund event for Onnuri gift vouchers will be held in 84 markets nationwide. In addition, the Ministry plans to supply about 5,000 tons of government stockpiled seafood to the market by June 27.

Among these, pollack accounts for the most at 3,400 tons, followed by squid at 600 tons, mackerel at 500 tons, and hairtail at 400 tons. The stockpiled seafood will be supplied through various distribution channels to traditional markets, supermarkets, wholesale markets, and processing companies (B2B).

Currently, the prices of major seafood products are rising due to decreased catch volumes. According to the Korea Agro-Fisheries & Food Corporation (aT), the average retail price of mackerel (domestic, salted, medium grade) is approximately 6,498 won for a hand (2 fish), up about 41.7% compared to last year, and the price of spotted sea bass (frozen, medium grade) has increased by a whopping 61.7% to 2,315 won. Additionally, the prices of pollack, dried anchovies, and live squid have also risen significantly compared to last year.

The main cause of the price increase is the decrease in catch volumes due to high sea temperatures. According to Statistics Korea, the catch volume in coastal waters last year was approximately 841,000 tons, a decrease of about 11.6% from the previous year. Notably, the catch volume of mackerel decreased by about 17.4% compared to last year, and squid production hit an all-time low.

A representative from the Ministry of Oceans and Fisheries explained, "Due to climate change, the water temperature in our country's waters is rising, causing the habitats of major fish species to disperse or become less dense, leading to decreased catch volumes." In this situation, the government is developing various measures to reduce consumer burdens.

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