MACKEREL PRICES SURGE 20% IN KOREA AMID STOCK DEPLETION

Mackerel prices surge 20% in Korea amid stock depletion. The price of Norwegian frozen mackerel in the Korean market surged sharply in week 34 of 2025.

For 20kg cartons of 400/600g size, the price jumped from KRW 100,000 (USD 72.2) in week 33 to KRW 120,000 (USD 86.6) just one week later, marking a 20 percent increase.

In Korea, price hikes for Norwegian mackerel during August are not unusual, largely due to limited inventories that push suppliers to raise prices.

According to an analyst from Union Forsea Corp., this sharp rise stems from the fragmented structure of importers and the multi-layered distribution system. Many small importers, with insufficient capital, rely on larger companies to handle imports. They then purchase the fish by paying interest, which ultimately drives up distribution costs and final market prices.

Some companies also begin to withhold bulk sales as inventories dwindle from late July, opting instead to release smaller quantities into the market while gradually raising prices.

Mackerel, along with pollock, squid, and hairtail, is a staple on Korean dining tables. However, unlike many other seafood items, these species are subject to higher tariffs — with mackerel under a tariff quota system and pollock and squid classified as adjustment tariff items.

By July 2025, Korea had imported 39,292 tons of frozen mackerel, a significant increase compared to 25,554 tons during the same period in 2024. Norwegian mackerel accounted for the largest share with 31,530 tons (80 percent), followed by China (3,596 tons, 9 percent), the United Kingdom (1,557 tons), and the Netherlands (1,167 tons).

A notable trend in 2025 is the diversification of import sources. While Korea imported mackerel from only five countries in 2024, this year the list has expanded to 12 countries, including the United Kingdom, Taiwan, the Faroe Islands, France, Germany, and Russia, reducing reliance on Norway as the dominant supplier.

Source: Union Forsea Corp