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The reality of aquaculture with low income and high debt ratios in South Korea

Published May 27, 2024

Tridge summary

The article highlights the challenges faced by the aquaculture industry in Korea, as it struggles with declining profitability, environmental concerns, and high costs. The industry, which accounts for over 60% of marine product production, is grappling with a decrease in average income for farmed fish, increased operating costs, and tax discrimination. The situation is particularly critical for fish farming, with species like abalone and flounder experiencing significant price drops and high debt ratios. There are calls for policy changes to address these issues and to ensure the industry's sustainability, especially in regions heavily reliant on aquaculture. The article advocates for a shift in focus towards profitable and sustainable practices, integration of technology, and consideration of environmental impacts to secure the future of aquaculture and the communities that depend on it.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

As seaweed exports increased to 1 trillion won last year, there is strong public opinion that domestic seaweed production should be increased. Although it is a time when new suitable areas need to be developed due to climate change and changes in the coastal environment, the need to produce raw plants for export has increased. However, opinions are divided as to whether Kim, also called ‘black semiconductor’, is a sustainable growth industry. Halibut, red sea bream, and rockfish, which were treated as precious marine fish, were the most popular species to be farmed after the transition from catching to raising fisheries. Abalone farming, with a market size of well over 1 trillion won, including domestic production, was once an attractive business that attracted young urban workers to fishing villages. However, if you look into the inner workings of these fish farms recently, it seems that their former reputation and popularity has disappeared. According to a study conducted last ...
Source: Fisheco
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