South Korea: Conclusion of business agreement on supply and demand of saury bait for fishing

Published 2024년 1월 22일

Tridge summary

The Jeju cutlassfish industry has historically relied on imported saury as bait, but increasing import prices and declining resources have made it difficult to supply bait for fishing. The industry has signed a win-win agreement with the deep-sea saury industry to purchase 20% of the previous year's bait usage of saury from domestic sources, providing a stable supply chain for high-quality bait saury and a stable sales channel for the saury industry. This agreement, along with a reduction in frozen saury tariffs, is expected to save fishermen in the province about 2.9 billion won per year and help resolve management difficulties in both industries.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Jeju cutlassfish fishing boat owners and the deep-sea saury industry have signed a win-win agreement to supply saury as bait for fishing. Until now, the Jeju cutlassfish industry has mainly used imported saury as there is no alternative bait other than saury when fishing for cutlassfish. However, due to the recent surge in import prices and a decline in resources, it has been difficult to supply bait for fishing. For this reason, there have been continuous calls for a reduction in the adjusted tariff imposed on imported saury to ease management burden. The Jeju Island Fishing Boat Owners Association, the Korea Ocean Industry Association (Saury Bong Net Fishery Committee), and the five fisheries cooperatives in Jeju Island (Jeju City, Hallim, Seogwipo, Seongsanpo, and Moseulpo Fisheries Cooperatives) that distribute and manage saury, the bait for cutlassfish fishing. signed a business agreement at the Jeju Provincial Office on the 16th. The main content of this business ...

Source: Fisheco