South Korea: Oyster farming industry sighs due to recession in both domestic and export markets

The transaction price of a 10 kg box of raw oysters fell by more than 40% compared to last year's average. The oyster farming industry on the southern coast of Gyeongsangnam-do is sighing despite the long-awaited bumper harvest. Consumer sentiment has frozen due to the economic downturn, and unit prices have fallen due to oversupply, putting oysters in a situation where they have to stop operations early. According to the Oyster Fisheries Cooperative, the average daily volume last month was about 60 tons. There was little damage from high temperatures last summer, and the long rainy season allowed nutrients from the land to flow into the sea, making the harvest better than any other year. However, as consumption declines, unit prices fall short of expectations. Recently, the transaction price of a box (10 kg) of raw oysters was around 40,000 won, down more than 40% from last year's average (68,000 won). Considering production costs including labor costs, if it falls below 50,000 ...