Government Takes Steps to Stabilize Mackerel Prices Amid Rising Costs

The government has announced efforts to stabilize prices of imported frozen mackerel subject to tariff quotas, ensuring consumers can feel the effects of price stabilization.

On July 29, the Ministry of Finance's inter-agency Livelihood Stability Support Team visited the Busan Gamcheon Port Cooperative's logistics center to inspect the storage, processing, and distribution of imported frozen mackerel under tariff quotas. They also held discussions with industry stakeholders.

This inspection follows measures discussed during a special task force meeting on July 24 aimed at stabilizing the supply of mackerel. The government focused on whether the benefits of reduced tariff quotas are being properly reflected in consumer prices through the distribution chain.

To stabilize mackerel prices, the government has applied tariff quotas to a total of 25,000 tons this year. As of the end of July, 53 importers have brought in a total of 9,784 tons, and the government mandates that the quota volume must be supplied to the market within 45 days of application.

The Livelihood Stability Support Team inspected the radiation testing facilities, bonded warehouses, cold storage, and processing facilities at the Gamcheon Port logistics center to review the safety inspection system and the processes for storage, processing, and distribution of imported mackerel.

During the subsequent discussions, importers noted that while global supply uncertainties, such as reduced mackerel catch quotas in Norway, have driven up import prices, the government's tariff quota measures have helped alleviate the burden of rising consumer prices.

Distributors also agreed to enhance processing and distribution efficiency to ensure that the benefits of reduced tariffs translate into stable consumer prices, collaborating on promotional events to help consumers feel the effects of price stabilization.

Jang Do-hwan, head of the Livelihood Stability Support Team, stated, "The purpose of the tariff quota is to ensure that the benefits of reduced tariffs reach consumers, thereby reducing the burden of grocery prices. The government will work diligently with relevant departments to quickly address industry challenges so that consumers can experience the effects of price stabilization."