'Lowest Price in 10 Years' Flatfish and Plummeting King Crab... This Time Helping Seafood Sales

Collaboration Between Three Major Marts and Ministry of Oceans and Fisheries
Promoting Seafood Consumption Amid Distribution Challenges
Special Home Shopping Programs Featuring Snow Crab, Eel, and Cuttlefish

[Asia Economy Reporter Cha Min-young] Large supermarkets have launched a campaign to promote seafood consumption following the difficulties faced by agricultural products due to the novel coronavirus disease (COVID-19). Under the direction of the Ministry of Oceans and Fisheries, three major marts have mobilized to engage in responsible consumption that benefits producers, distributors, and consumers alike.

◆ 'Motnani Magic' Now for Seafood = According to industry sources on the 6th, E-Mart is taking the lead in promoting seafood consumption. From the 7th to the 13th, five types of seafood totaling 28 tons (t), including rockfish, freshwater eel, sea eel, sea squirts, and flatfish sashimi, will be sold at discounts of up to 43%. Fresh rockfish for soup was offered at about 43% off for 1,980 won, while cleaned freshwater eel and sea eel were sold at 37% and 17% discounts, respectively. Cleaned sea squirts were sold at 5,980 won with a 2,000 won discount for customers who accumulate Shinsegae points, and flatfish sashimi was sold at 7,980 won.

As E-Mart is well known for its 'Motnani Magic,' it rolled up its sleeves for this fisherman's mutual growth event. E-Mart previously procured and sold about 300 tons each of misshapen potatoes and sweet potatoes from production areas through the collaboration of Shinsegae Group Vice Chairman Chung Yong-jin and The Born Korea CEO Baek Jong-won. Not only E-Mart but also affiliated companies such as SSG.com and E-Mart Everyday were fully mobilized.

During the same period, Lotte Mart also collaborated with the country's largest crab supplier to directly purchase and sell about 5 tons of king crab and snow crab. By directly dealing with import partners, distribution costs were reduced to offer consumers more affordable prices. King crab will be sold at prices up to 20% lower than the previous year. Snow crab is 28% cheaper, and sea bream sashimi is sold at a 37% discount. Homeplus will hold a seafood promotion event in cooperation with the Ministry of Oceans and Fisheries from the 28th of this month to June 3rd. Sea squirts and cuttlefish, among other seafood, are expected to be the main items.

◆ Flatfish at the Lowest Price in 10 Years = Recently, due to COVID-19, seafood consumption for dining out and institutional meals has halved, causing difficulties for fishermen. Some species with good harvests have seen deeper price drops. According to the Fisheries Industry Monitoring Center of the Korea Maritime Institute, the farm price of Jeju flatfish (per 1kg) in March was 7,766 won, marking the lowest level in 10 years. Rockfish prices also fell 10.4% compared to the previous year, hitting the lowest level in five years. Despite a decrease in production, sea squirt prices dropped 44% year-on-year, and average crab prices also fell about 20% compared to the previous year. The price of premium species such as red sea bream also declined by 28% year-on-year despite increased shipments from Tongyeong.

The government is also discussing various measures to promote consumption aimed at economic normalization. Prime Minister Chung Sye-kyun announced on the 22nd of last month that plans to promote agricultural and fishery product consumption would be discussed to normalize economic life. Related ministries discussed consumption promotion plans and shared ideas from local governments. Accordingly, the Ministry of Oceans and Fisheries selected sea squirts and cuttlefish as the 'Seafood of the Month' for May and is exploring ways to boost sales.

Lee Se-woo, head of E-Mart's seafood team, said, "We are focusing on playing a bridging role between producers and consumers by expanding sales channels," adding, "We plan to continue organizing such events to help fishermen by listening to their difficulties." Park Jong-ho, head of Lotte Mart's Fresh Food Division 2, said, "In celebration of Family Month, we planned and introduced seafood that families can enjoy at home," and encouraged consumers to "try king crab and snow crab full of meat and sea bream sashimi with a pleasant texture at affordable prices."

Meanwhile, the home shopping industry also participated in consumption promotion events by specially scheduling broadcasts selling regional specialty agricultural and fishery products in May. Gongyoung Home Shopping will conduct planned sales of products from small and medium-sized enterprises and small business owners in the Gyeongbuk region, as well as domestic seafood products, through its online mall and mobile app in May.

This content was produced with the assistance of AI translation services.