With seafood catches sharply declining and prices for mackerel, squid, and other staples soaring, the government is launching a nationwide discount campaign offering key seafood products at up to 50 percent off. It also plans to release about 5,000 tons of reserve seafood stock into the market by the end of June.

On April 29, the Ministry of Oceans and Fisheries said that it will hold a “Korea Seafood Festival” in May and June, a period known as the “fishing off-season” when production drops due to fishing bans and spawning periods. The event, running from April 30 to May 18, will offer discounts of up to 50 percent on six popular fish varieties, including mackerel, hairtail, pollock, croaker, squid, and dried anchovies, as well as seasonal products like seaweed and pen shells. From May 9 to 13, a separate promotional event will take place at 84 traditional markets nationwide, offering refunds via Onnuri gift certificates.

In addition, by June 27, the ministry will release approximately 5,000 tons of reserve seafood stock into the market, including mackerel and hairtail. The breakdown includes 3,400 tons of pollock, 600 tons of squid, 500 tons of mackerel, and 400 tons of hairtail. These will be distributed through traditional markets, supermarkets, wholesale markets, and B2B channels like seafood processors. Seafood prices have been surging due to declining catches. According to the Korea Agro-Fisheries & Food Trade Corporation (aT), the average retail price for a pair of salted, mid-grade domestic mackerel was 6,498 won as of the previous day, up 41.7 percent from 4,585 won a year ago. The price of one frozen yellow croaker rose from 1,432 won to 2,315 won, a 61.7 percent increase. Prices for other fish like pollock, dried anchovies, and squid also rose by 4 to 14 percent over the past year.

The primary cause of the price hikes is a drop in catch volume due to higher sea temperatures. According to Statistics Korea, Korea’s coastal and inshore fisheries yielded 841,000 tons in 2023, an 11.6 percent drop from the year before. Mackerel catch fell 17.4 percent from 163,000 tons in 2023 to 134,600 tons last year. Squid production dropped a staggering 42 percent year-on-year to 13,546 tons, an all-time low, far below the 200,000-ton annual average seen in the 2000s. The supply shortage has driven up consumer prices. In March, seafood prices rose 4.9 percent year-on-year, marking the largest increase in a year and seven months since August 2023 (6 percent).

A ministry official explained, “Due to climate change, rising sea temperatures around Korea are dispersing key fishing grounds or lowering fish density, leading to a decline in catch volume.”