Squid is becoming too expensive in South Korea because of lesser catch volumes

Published 2024년 1월 30일

Tridge summary

South Korea is experiencing a significant increase in squid prices due to a global reduction in catch rates, largely attributed to climate change. Squid, with their one-year lifespan, are finding it difficult to adapt to rapidly changing habitats, resulting in a scarcity. Despite attempts by the South Korean Ministry of Oceans and Fisheries to stabilize prices, costs continue to rise. Major squid production areas such as Korea’s East Sea, the Falkland Islands, and Russian waters have reported decreased catches due to rising sea temperatures. The future of squid prices looks bleak as both offshore and coastal catches continue to decline.

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

Original content

Korean media is pointing out the fact that squid, once considered the “people's side fish”, given its affordability, is now an expensive dish, and has offered some market prices in South Korean Won, which exchanges at 1,330 SKW to the US dollar. According to the Korea Agro-Fisheries & Food Trade Corporation (aT) and the Korea Agricultural Market Information System (KAMIS), the price of a medium-sized frozen squid was 5,819 KRW as of January 25, a 20.8% increase compared to last year’s 4,816 KRW. Fresh chilled squid also saw a 6.8% rise to 7,441 KRW. Dried squid, which is relatively easier to store, has also seen a price increase, although at a smaller scale. The retail price for ten pieces was 68,133 KRW on January 25, up 2.2% from 66,642 KRW last year. Korean media then points out that allegedly the primary cause for the hike in prices can be attributed to “a significant reduction in global catch rates, exacerbated by climate change. Squid, which typically have a one-year ...

Source: MercoPress