Price Surge in Imported Seafood Amid 'Rus-U Crisis'... "Concerns Over Supply Instability if Prolonged"

Rising Prices of Imported Seafood as Russian Air Routes Blocked
Norwegian Salmon Prices Also Surge
Government: "Supply Stability with Stockpiles if Necessary"

[Image source=Yonhap News]

[Asia Economy Reporter Song Seung-yoon] Since Russia's invasion of Ukraine, international sanctions against Russia have led to a sharp rise in the prices of imported seafood entering the domestic market.

According to the fisheries industry on the 5th, prices of Russian snow crab and frozen pollock have fluctuated, rising at least 10-20% within the past two weeks. An analysis by the Korea Institute for International Economic Policy of 2,075 items imported from Russia last year showed that 100% of imported snow crab, 96.1% of pollock, 93.6% of cod, 89.2% of pollock roe, and 92.7% of dried pollock were of Russian origin.

Norwegian salmon prices have also surged. Currently, wholesale prices for imported fresh Norwegian salmon are trading at 16,000 to 18,000 won, more than 60% higher than a week ago. With air routes passing through Russia blocked, cargo has concentrated on detour routes, causing air freight rates to rise, which in turn has led to price increases for seafood coming from Europe, including salmon. Originally, most European flights to Korea passed through Russia.

Large supermarkets and self-employed businesses handling these items are also on high alert. The industry expects that if this situation prolongs, supply shortages and price increases will continue for the time being.

In response to this situation, the government held a meeting yesterday combining the Economic Security Core Items Task Force (TF) and the Ukraine Crisis Emergency Response TF to check market inventory and prices of seafood highly dependent on Russia. The government announced plans to stabilize supply and demand by releasing government stockpiles if necessary.

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