South Korea: The era of ‘seaweed exports reaching 1 trillion won’, systematic industry development must be supported

Published May 25, 2024

Tridge summary

Korea's seaweed industry is poised to exceed 1 trillion won in exports in 2024, with a production of 149.4 million pieces and an increase in price due to increased export demand and poor harvests in China and Japan. Despite concerns about market disruption from imported seaweed, the Ministry of Oceans and Fisheries plans to develop a new fish farm and review contract farming to address supply and demand instability. The industry seeks systematic development and budgetary support, with plans to increase exports and improve seaweed quality.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Production of seaweed for 2024 is in the final stage. Korea's seaweed production industry has been rocked by issues big and small this year, to the point where some say there has been no other year where the seaweed industry has received as much attention as this year. As seaweed exports exceeded 1 trillion won, the price of dried seaweed rose significantly, and as the price of dried seaweed rose due to a chain effect, the government took out the card of expanding seaweed farming area and tariff-free imports. The seaweed industry regards the fact that frozen kimbap has gained sensational popularity in the United States thanks to the popularity of K-food as an encouraging event. Jeonnam Province, which accounts for about 80% of the nation's seaweed production, announced on the 22nd that as a result of ending production of dried seaweed in 2024, the production volume reached 408,000 tons and the production amount reached 800 billion won. Compared to the previous year, production ...
Source: Agrinet
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