SEOUL, February 02 (AJP) - Dried seaweed prices in South Korea have climbed to a record high as rising exports tighten domestic supply and fuel broader seafood inflation.
Data from the Korea Agro-Fisheries & Food Trade Corp. showed Monday that the average retail price of mid-grade dried seaweed reached 1,515 won per 10-sheet pack in late January, the first time the period average has exceeded 1,500 won, or more than 150 won per sheet.
Prices have risen about 50 percent over the past two years. Retail prices held near 100 won per sheet through early 2024 before climbing past 150 won per sheet by late January this year.
The increase has accelerated since 2023. The annual average retail price rose 10 percent in 2023 from a year earlier, surpassing 100 won per sheet, then jumped another 25 percent in 2024. Prices continued rising last year, increasing by around 8 percent.
Strong export demand has been a key driver. Seaweed exports last year rose 13.7 percent from a year earlier.
By shipment volume, the largest destinations were Japan with 18.6 percent, followed by China at 17.5 percent, Thailand at 13.6 percent, the United States at 13.3 percent, Russia at 9.8 percent and Taiwan at 5.1 percent.
Yang Young-jin, director general for fisheries policy at the Ministry of Oceans and Fisheries, said production of the 2025 crop increased compared with the previous year, but rising exports and domestic consumption absorbed the additional supply.
He added that higher export prices, which began rising in 2024, have continued and are influencing domestic pricing, limiting the potential for price declines at home.
Rising seaweed prices are also feeding into seafood inflation. In December, consumer prices for seaweed rose 14.9 percent from a year earlier, outpacing other seafood items such as yellow corvina, up 10.5 percent, and mackerel, up 10.3 percent.
With prices rising across major seafood products, seafood inflation averaged 5.9 percent last year, nearly triple the overall consumer inflation rate of 2.1 percent.
* This article, published by Aju Business Daily, was translated by AI and edited by AJP.
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