King Crab Up 56%, Hairtail 29%: Seafood Prices Soar on Lower Catches and High Water Temperatures

South Korea faces rising seafood prices as summer approaches, with significant increases reported for popular items like king crab, hairtail, and snow crab. The surge is attributed to a combination of declining fish catches, warming ocean temperatures, and increased fuel costs for fishermen.

Data from the Noryangjin Fisheries Wholesale Market shows that the average wholesale price for king crab rose by 56.35% to 72,000 won per kilogram in the last week of May. Hairtail prices climbed 29.1% to 24,400 won, while snow crab saw a 28.18% increase to 37,300 won. Other popular fish, including octopus and various types of flounder, also experienced double-digit price hikes.

The decrease in catches is a major factor, with squid catches, for example, falling by 76.9% compared to the same period last year. Furthermore, the Korea Hydrographic and Oceanographic Administration forecasts that sea surface temperatures this summer will be at least 1.0°C higher than average, potentially leading to warnings for high temperatures and red tides.

In response, the Ministry of Maritime Affairs and Fisheries announced plans to release up to 8,000 tons of government-stockpiled seafood by June 15th. This supply includes pollock, mackerel, squid, and hairtail, which will be sold at prices up to 30-40% lower than market rates. The government is also increasing subsidies for tax-exempt diesel fuel for fishing vessels, raising the limit per liter from 138.4 won to 176.2 won until September.

Additionally, the ministry is boosting its budget for high-temperature resistant equipment for aquaculture farms and plans to support the development of more temperature-resilient fish species and encourage early harvesting of vulnerable species. These measures aim to mitigate the impact of rising costs and environmental challenges on the seafood supply chain.