"Due to Increased Export Demand"... Kimjangjang Surpasses 130 Won

Despite government discount support, the retail price of Gim (dried seaweed) has sharply risen, surpassing 130 won per sheet.

According to price information released by the Korea Agro-Fisheries & Food Trade Corporation on the 29th, the average retail price of 10 sheets of dried Gim recorded 1,304 won as of the 26th. This is a 29% surge compared to 1,012 won a year ago. It also increased by 12% compared to 1,167 won a month ago. The average retail price of 10 sheets of dried Gim was 1,149 won in mid-last month and rose to 1,236 won in early this month. It temporarily dropped to 1,207 won in mid-April but then rose again.

[Image source=Yonhap News]

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As of the 26th, the wholesale price was 10,440 won per 100 sheets. This is a 58% increase compared to a year ago. The wholesale price of dried Gim was around 7,000 won until the end of last year but has sharply risen this year.

Due to the rise in dried Gim prices, major seasoned Gim specialty companies have raised their product prices by 10-20% since the beginning of this month. Gimbap franchise companies have also consecutively increased the prices of their gimbap menu items.

The price increase of Gim is due to increased Gim exports, which reduced domestic supply. Last year, the export volume of Gim was 35,446 tons, a 16% increase compared to 2022. Compared to 2020, it increased by 42% in three years.

Meanwhile, the Ministry of Oceans and Fisheries stated in a press release on the 29th, "Due to the increase in Gim export demand causing a rise in production area and wholesale prices, we have been supporting up to 50% discounts on dried Gim at marts and online malls since March."

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