"Unusual Crab and Salmon Prices... Seafood Industry in Panic Over Russian Sanctions"

As international sanctions against Russia, which invaded Ukraine, continue, the prices of seafood highly dependent on Russia are fluctuating. The photo shows Russian snow crabs being sold at a large supermarket in downtown Seoul on the 4th.
[Image source=Yonhap News]

[Asia Economy Reporter Hwang Sumi] Due to international sanctions against Russia following its invasion of Ukraine, the prices of imported seafood are soaring. Not only Russian snow crab but also Norwegian salmon prices are fluctuating, deepening the sighs of self-employed restaurant owners who feature these as their main menu items.

According to the seafood industry on the 8th, the average price per kilogram of Russian snow crab traded at Noryangjin Fish Market was 45,400 KRW on the 7th. This is a 45.9% increase compared to 31,100 KRW traded on the 23rd of last month, before Russia's invasion of Ukraine.

The price of pollock, one of the popular fish species, is also on the rise. Over the past week, the average wholesale price for 10 frozen Russian pollocks sold at Noryangjin Fish Market was 51,500 KRW, up 2,000 KRW from the previous week’s 49,500 KRW.

Although the price surge is not yet significant, pollock is a widely consumed species, making consumers sensitive to price changes. Moreover, since about 80% of pollock imports come from Russia, there is concern that if supply becomes difficult, it could sharply raise the cost of food on dining tables.

[Photo by Getty Images Bank]

Norwegian salmon prices have also surged. As of the 7th, the price of imported fresh Norwegian salmon reached 21,100 KRW per kilogram. This is nearly a 10% increase compared to 19,000 KRW on the 1st of this month. Compared to mid-last month before the war broke out, the price has risen by nearly 30%. It is said that the unit price at which self-employed restaurant owners receive supplies from wholesalers has increased even more sharply.

As a result, consumers have begun to feel the impact of the salmon price surge. More restaurants are suspending sales temporarily due to the rising salmon prices.

On online communities for self-employed business owners, complaints about the rising salmon prices and supply situation are being posted. One netizen said, "Salmon prices are becoming like tuna prices," adding, "I am considering reluctantly removing salmon from the menu." Another restaurant operator expressed, "Salmon accounts for more than half of the menu, so this is very distressing," and lamented, "I am at a loss about how to overcome this situation."

The sharp rise in salmon prices is analyzed to be due to increased air freight costs. Norwegian salmon mainly enters the country via flights passing through Russia, but with this route blocked, flights must take detours, causing air freight charges to rise and thus increasing the cost of salmon itself.

Meanwhile, the industry forecasts that if this situation prolongs, not only seafood but also processed food and overall food prices will rise.

According to the Ministry of Agriculture, Food and Rural Affairs on the day, concerns over supply disruptions of major export crops such as wheat and corn from Russia and Ukraine caused the grain price index in February to rise 3.0% from January (140.6 points) to 144.8 points. A ministry official stated, "If the situation worsens, we will actively respond to further price increases and supply instability," adding, "However, since Russian and Ukrainian imports account for about 10% of total wheat and corn imports, the short-term impact is limited."

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