Seoul supermarkets have already felt the impact of the supply crunch.
A pack of two Norwegian mackerel is selling for 14,980 Korean won (approximately 10 US dollars), a price that is now on par with domestic mackerel in Korea.
Norwegian mackerel makes up the majority of mackerel imports in Korea, and its export price has nearly doubled within a year. Data from the Norwegian Seafood Council shows that the price of Norwegian mackerel exported to Korea in October reached 5.14 US dollars per kilogram, a significant increase from 2.71 US dollars per kilogram in January.
The average purchase price for mackerel caught by Norwegian fishermen in October reached 47.16 Norwegian kroner per kilogram (approximately 4.29 US dollars), more than double the 23.84 Norwegian kroner per kilogram (approximately 2.17 US dollars) in the same period last year.
The average export price for whole frozen mackerel under 600 grams in October was 48.34 Norwegian kroner per kilogram (approximately 4.40 US dollars).
The International Council for the Exploration of the Sea (ICES) has recommended that the Norwegian government and other relevant countries ensure that the total catch of Atlantic mackerel next year does not exceed 174,000 tons, a significant reduction of 70% compared to the 577,000 tons recommended for this year.
The price of mackerel in Korea in October was 12,131 Korean won per kilogram, an increase of 5.9% from the previous month and a 16.8% increase from the annual average price.