Imported "National Fish" Mackerel Surpasses 10,000 Won per Fish
Seafood Prices Up 6.2% in December Last Year
Over 10,000 Tons of Quota Tariffs to Be Introduced This Year
Mackerel, often referred to as the "national fish," has recently experienced a sharp price increase, driving up overall food prices.
According to data compiled by the Korea Agro-Fisheries & Food Trade Corporation on January 1, the average retail price for a single imported large salted mackerel exceeded 10,000 won in December of last year, reaching 10,363 won.
This represents an increase of more than 500 won compared to one month earlier (9,828 won), and a rise of over 2,000 won from the same period a year ago (8,048 won). The retail price of mackerel has jumped 28.8% over the past year and has risen 1.5 times compared to two years ago (6,803 won).
The average retail price for a single imported large salted mackerel stood at 10,836 won at the end of last year, continuing its upward trend. Most of the mackerel imported into Korea comes from Norway. The import price of Norwegian mackerel is rising due to reduced catch volumes and the increase in the won-dollar exchange rate (a decline in the value of the won). An official from the Ministry of Oceans and Fisheries explained, "The import price of mackerel itself has increased by 20-30%."
For domestically produced fresh refrigerated large mackerel, the average retail price per fish last month was 4,478 won, a slight decrease from the previous month. However, while this is cheaper than a year ago, it is still more expensive than two years ago. The average annual price for a single domestically produced fresh refrigerated mackerel last year was 4,689 won, up 16.9% from the previous year (4,012 won).
Domestically produced fresh refrigerated mackerel has become less common due to a sharp decline in catch volumes. According to the National Data Office (formerly Statistics Korea), the price of mackerel in December last year rose by 11.1% compared to the same period the previous year. With mackerel, yellow croaker, and hairtail-representative seafood products-all recording double-digit price increases, seafood prices in December were up 6.2% from the same month a year earlier.
An official from the Ministry of Oceans and Fisheries stated, "Overall production of mackerel and other fish has decreased, resulting in higher prices," and added, "This year, more quota tariffs will be applied to mackerel than last year." Last year, the government introduced a quota tariff of 10,000 tons (reducing the tariff from 10% to 0%) in response to rising mackerel prices. Meanwhile, retailers such as Emart are diversifying their import sources by bringing in Chilean mackerel, which is less expensive than Norwegian mackerel.
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