Ministry of Oceans and Fisheries Releases 500 Tons of Government-Stocked Frozen Myeongtae

Pollock

[Asia Economy Sejong=Reporter Dongwoo Lee] The Ministry of Oceans and Fisheries announced that it will release up to 500 tons of government stockpiled pollock from the 26th of this month until the 3rd of next month.

The release locations include 34 traditional markets such as Bujeon Sangga Market and three large marts including Homeplus, Nonghyup Distribution, and Suhyup Distribution. This measure was prepared to alleviate concerns over the increasing economic burden on consumers due to rising pollock prices.

The Ministry plans to supply medium-sized pollock, mainly used as ingredients for dishes like Dongtae-tang (pollock stew), considering market demand. Consumers will be able to purchase at prices up to 30% lower than the market price.

According to the Ministry, wholesale prices of pollock, which had been continuously rising since the Ukraine crisis, have started to decline since May, coinciding with the off-season. However, consumer prices in traditional markets remain on the rise. The industry believes this is because the high-priced stock secured at the peak in April is currently being released into the market.

The Ministry is conducting joint public-private price monitoring for seafood products highly dependent on Russia, such as pollock. They are closely watching domestic and international situations with deep-sea shipping companies, distribution industries, and research institutions, and are preparing response measures such as cooperative discount events.

Gu Dohyeong, Director of Distribution Policy at the Ministry of Oceans and Fisheries, said, “We decided to release pollock, whose consumer prices are rising, to ease the burden on consumers' shopping baskets,” adding, “We will also steadily implement supply and demand stabilization measures to minimize market shocks caused by the Ukraine crisis.”