Imported Food Faces Double Burden from Prolonged High Exchange Rates and Rising Source Prices
Emart Diversifies Import Sources
Aims to Replace Half of Norwegian Mackerel Supply with Chilean Products
As imported food products face a double burden due to the prolonged high exchange rate and rising prices at their origins, Emart announced on the 16th that it will officially import the "Taepyeongyang Chamgodeungeo" (Pacific mackerel) species and offer it for a limited time from the 19th to the 31st.
Emart announced on the 16th that it will officially import the fish species "Taepyeongyang Chamgodeungeo" and sell it temporarily from the 19th to the 31st. Photo by Emart
The "Chilean Pacific Salted Mackerel" will be sold at 5,980 won per set (2 fish, 850g). This is 25% cheaper than domestically produced salted mackerel (7,980 won per set, 700g), and about 50% less expensive than Norwegian salted mackerel (11,980 won per set, 750g).
Emart aims to proactively introduce Chilean Pacific mackerel and, next year, to replace half of its existing Norwegian mackerel supply with this alternative. The price of Norwegian mackerel, which accounts for the majority of imported mackerel, continues to soar. According to the Korea Maritime Institute, Norway's quota for Atlantic mackerel catchable this year decreased by 37.8% compared to the same period last year, causing the export price to Korea to double from the previous year.
Kim Kwangmyung, Emart's seafood buyer, stated, "Given the overall changes and prolonged price increases in the domestic mackerel market, it was essential to discover new import sources," adding, "Emart will continue to lead in providing stable prices and quality for seafood products."
In imported meat, Emart has newly sourced "Irish beef." To celebrate its launch, until the 25th, "Irish grass-fed LA galbi and braising ribs" (each 1.5kg) will be offered at a 10,000 won discount for Shinsegae Point members, selling for 49,800 won and 39,800 won, respectively. "U.S. and Australian LA galbi (1.5kg)" and "Australian braising ribs (1.5kg)" will also be available at about 30% less than their usual prices during the promotional period.
Lee Jisoo, Emart's imported meat buyer, commented, "When it comes to imported food products, there are many factors to consider, such as exchange rates and changes in local conditions, so discovering a third country of origin is essential for stable supply," adding, "We will continue to offer products from excellent sources around the world at reasonable prices."
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