5,080 Tons of Government-Stocked Seafood Including Myeongtae and Ojingeo Distributed in Market

Vice Minister Gi Jae Chairs Economic Vice Ministers' Meeting and Price-Related Vice Ministers' Meeting

Kim Byung-hwan, First Vice Minister of the Ministry of Economy and Finance, spoke about recent price trends on the 10th at the Emergency Economic Vice Ministers' Meeting and Price-Related Vice Ministers' Meeting held at the Government Seoul Office in Jongno-gu, Seoul. Photo by Jo Yong-jun jun21@

The government will release 5,080 tons of government stockpiles, including pollock and squid, to stabilize prices during the fishery off-season.

On the 24th, the Ministry of Economy and Finance announced that it reviewed the price stabilization response status by each ministry at the '41st Economic Vice Ministers' Meeting and the 22nd Price-Related Vice Ministers' Meeting' held at the Government Seoul Office, chaired by First Vice Minister Kim Byung-hwan.

Vice Minister Kim stated, "Although prices of agricultural products and petroleum have recently been declining, uncertainties such as instability in the Middle East and abnormal weather remain significant," adding, "We will proactively respond to price instability factors such as summer weather conditions and the fishery off-season."

For garlic and onions, which have experienced some poor harvests, stockpiling will be pursued, and for napa cabbage, supply and demand will be managed using stockpiles (10,000 tons) and shipment control volumes (6 tons). For chicken, whose demand increases in summer, supply will be expanded through additional stocking incentive support (19 billion KRW).

Regarding seafood, the government will continue to release 5,080 tons of stockpiled pollock and squid in preparation for the fishery off-season. Meanwhile, for gim (laver), which has a high price, government discount support will continue in June, and the allocated tariff volume (825 tons) that began customs clearance this week will be promptly introduced.

Additionally, ahead of the peak vacation season, prices of lodging, travel, airfare, and local festival goods, which may rise, will be continuously monitored by relevant ministries and local governments to prevent opportunistic price hikes.

At the meeting, plans to establish a corporate growth ladder to support the growth of small and medium-sized enterprises were discussed, and it was decided to specify the tasks and announce them promptly.