South Korean Government announces price stabilisation measures for mackerel, hairtail and squid. The South Korean government has announced new supply expansion measures to stabilise prices of key seafood items, including mackerel, hairtail and squid, as part of its broader plan to ease the burden of living costs in the second half of the year.
As part of the latest inflation control measures, the government plans to inject a total of KRW 1 trillion in fiscal support to stabilise consumer prices. For seafood, the government said it will directly import 2,000 tons of Norwegian mackerel and redirect part of domestic export-bound mackerel supply to the local market, offering it at around half price.
The move comes as domestic mackerel prices have continued to rise. The increase has been attributed to reduced supply of Norwegian mackerel, weaker domestic catches and higher international export prices.
The South Korean government plans to send a special delegation to Norway in July to secure direct imports of mackerel. The imported volume will be used together with government reserve releases and discount sales through major retailers and online platforms.
The Ministry of Oceans and Fisheries expects the measure to help ease seafood supply concerns during the off-season and reduce the burden on consumers. Mackerel, hairtail and squid are widely consumed seafood items in South Korea, making them important targets for price stabilisation.
However, market observers say it remains to be seen whether short-term discount supplies will be enough to stabilise prices on a sustained basis. Norwegian mackerel prices have been rising due to lower global supply and stronger export prices, making the actual volume secured and timing of delivery key factors for the Korean market.
Union Forsea Corp. analysed that the government’s direct import plan could provide temporary relief to the domestic mackerel market, but long-term price stability will depend on Norway’s supply situation, exchange rates, domestic catches and consumer demand during the second half of the year.
Source and image: Union Forsea Corp.