South Korean Government starts stockpiling dried anchovy, expects price stability

Published Aug 17, 2021

Tridge summary

Gyeongnam Province has proposed to the Ministry of Oceans and Fisheries to double the government's stockpile of dried anchovies to 500 tons, in response to a drop in price and a surge in inventory. The move comes as the resumption of fishing operations following a fish-free season and a decline in restaurant demand due to the pandemic have led to an increase in inventory and a drop in price. The government is considering expanding its purchase size by 1.4 billion won to support anchovy producers.

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Original content

Gyeongnam Province recently proposed to the Ministry of Oceans and Fisheries to expand the government stockpile in order to stabilize the price of dried anchovy, and the Ministry of Oceans and Fisheries announced that the government started stockpiling it on the 2nd. The stockpile is expected to reach 500 tons, nearly double the 262 tons last year. This is due to the drop in the price of dried anchovies for broth and the rapid increase in inventory of the Anchovy Kwon Hyeonmang Fleet, which resumed operation in July after the April-June fish-free season. The anchovies caught at this time of year are mainly large anchovies for soup with a length of about 10 cm. Recently, as consumption in the restaurant industry plummeted due to the prolonged Corona 19, inventory increased by 138% from July 2012 to 4,800 tons. The top plate price also fell from 6,401 won per kg last year to 3,910 won. Gyeongnam Province judged that the situation was urgent, and on the 26th of last month, quickly ...

Source: Fisheco