Seafood Consumption Plummets Due to COVID-19... Prices of Flatfish and Rockfish Expected to Drop Consecutively

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[Asia Economy Reporter Joo Sang-don] Due to decreased consumption caused by the spread of the novel coronavirus infection (COVID-19), prices of many seafood products such as flatfish and rockfish are expected to fall one after another. Earlier, the price of king crab, which was originally destined for China but entered the domestic market due to COVID-19, temporarily dropped to about half the price, and now the impact of reduced consumption is expected to affect prices of representative sashimi fish as well.

According to the Fisheries Industry Observation Center of the Korea Maritime Institute on the 18th, the wholesale price of rockfish in February is forecasted to be 9,300 to 9,800 KRW per kilogram, down from 9,750 KRW in the previous month.

A center official explained, "Although shipments are expected to decrease compared to the previous month, demand is also expected to decline due to fewer gatherings and events caused by the COVID-19 impact," adding, "Producers are likely to postpone shipments for the time being in anticipation of reduced demand."

In fact, shipments in January were 1,507 tons, a 12.6% decrease from the previous month. The center expects that due to decreased demand, this year's shipments from production areas will be lower than average.

Similarly, flatfish is expected to show a slightly weak trend in wholesale prices from next month as live fish demand decreases. Flatfish shipments in January were 3,479 tons, down 7.5% from the previous month, due to reduced demand after the year-end peak season. February shipments are also forecasted to decline further to 3,300 tons, reflecting the expected decrease in live fish demand caused by COVID-19.

Price declines are also inevitable for abalone. The center expects the February wholesale price of live abalone, sized 10 per kilogram, to be formed at an average of 35,000 to 37,000 KRW, down from 37,450 KRW in the previous month. In particular, as the concentrated spring harvest begins in March, the live abalone wholesale price is expected to fall further compared to February.

Exports of live abalone in February are expected to slightly increase from 124 tons in the previous month due to the domestic price decline. However, the center anticipates that export volumes will not reach last year's levels due to the COVID-19 outbreak. In the case of oysters, there are concerns that exports could be delayed if the COVID-19 situation prolongs.