[On-site Video] 'Gwang-eo? Geum(eum)eo!' Why Did Gwang-eo and Ureok Prices Soar?

'Gukmin Hoegam' Flatfish and Rockfish: What Happened?
Flatfish Price Rose from 8,000 KRW/kg a Year Ago to 19,100 KRW
Rockfish Price Increased by Over 80% Compared to Last Year

[Asia Economy Reporters Seunggon Han, PD Jingeun Yoon, Intern PD Hyewon Lim] "Everything has gone up.", "It has really increased a lot."

The prices of popular fish for sashimi such as flatfish (Gwang-eo) and rockfish (Ureok) are soaring. With the phased recovery of daily life (With Corona) underway, the dining industry is gradually reviving, but self-employed workers handling live fish at sashimi restaurants are sighing deeply. If they sell at market prices, customers might stop coming, but if they raise prices, they fear losing price competitiveness. It is truly a situation of 'crying while eating mustard.'

According to the Fisheries Industry Observation Center of the Korea Maritime Institute on the 20th, the wholesale price of flatfish in October recorded around 18,500 to 19,100 KRW per kilogram. This is more than double the price of around 8,000 KRW per kilogram a year ago.

The shipment volume of flatfish in November was 2,900 tons (t), down 8% from October. Since the flatfish price crash in 2019, fishermen have been reluctant to farm flatfish, which also contributed to the price increase.

Additionally, rockfish prices rose by more than 80% compared to last year, with wholesale prices reaching up to 19,199 KRW per kilogram. The price of gasaungo (milchi) also increased by more than 50% compared to last year, with wholesale prices exceeding 15,000 KRW per kilogram.

The surge in rockfish prices is due to a sharp decline in shipments from major production areas caused by rising seawater temperatures. As of September, rockfish shipments were 953 tons, down 3.9% from the previous month and 34.8% compared to last year. Rockfish farming requires seawater temperatures below 20 degrees Celsius, but recently, temperatures have been maintained around 23 degrees Celsius.

Ultimately, the biggest blow has been to self-employed operators of sashimi restaurants. Some sashimi restaurants maintain past live fish prices rather than market prices to attract customers amid With Corona. The more customers they serve, the harder it becomes to operate.

On the 19th, Jang Woo-il (72), a self-employed operator running a sashimi restaurant at Inhyeon Market in Euljiro, Jung-gu, Seoul, sighed and said, "The cost increase (of live fish) is significant." He added, "Not only flatfish but other fish prices have generally risen."

Regarding price increases for flatfish and other menu items, he said, "I used to sell rockfish for 35,000 KRW, but the price has risen so much that I now sell it for 40,000 KRW. Still, the profit margin is smaller."

Despite the situation, self-employed workers hesitate to raise prices easily due to fears of losing in price competition. On top of that, they are burdened by various labor costs and delivery fees. Another self-employed operator in his 40s, Mr. Kim, who runs a sashimi restaurant, said, "If costs go up but prices stay the same, which owner would be happy? Honestly, it seems like there is really no way out."