Abalone consumption slows in South Korea, prices are falling even as shipments decrease

Published 2024년 6월 7일

Tridge summary

The article reports on the decrease in abalone prices in South Korea, despite a decrease in shipments due to high temperatures causing abalone deaths last year. The average production price in May was 23,391 won, a 3.9% decrease from the previous year, and it is predicted to fall further. This is largely due to sluggish consumption caused by the economic recession. However, abalone exports are on the rise, with Vietnam becoming a main consumer, and traditionally, Korea, China, and Japan continuing to be significant markets.

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

Original content

Despite deaths due to high temperatures last year Average production price in May: 23,391 won Down 3.9% compared to the same month last year Downhill prospect until success Abalone prices are falling due to the economic downturn. Prices are falling even though shipments have decreased this year due to the death of abalone in high-temperature periods last year. According to the Korea Maritime Institute (KMI) Fisheries Observation Center, the average abalone production price (10 per kg) in May was 23,391 won, down 3.9% from 24,348 won in the same month last year. It fell 37% from the average production price of 37,130 won in May 2022. As abalone begins to flourish, production prices are expected to fall further. The Fisheries Observation Center predicted the production prices in June and July to be 22,609 won and 21,739 won, respectively. Abalone shipments decreased slightly. May shipments are expected to be 1,986 tons, down 1.5% from 2,017 tons in the same month last year, and June ...

Source: Agrinet