Booming Exports and Domestic Shortages Drive Up Prices

SEOUL – The production value of seaweed, often referred to as the "black semiconductor" due to its economic importance, has surpassed 1 trillion won (approximately 760 million USD) for the first time in 2024. This surge is attributed to a combination of factors, including robust exports and a resulting shortage of domestic supply, which has led to a sharp increase in prices.

According to the "2024 Fisheries Production Trends Survey (Preliminary)" released by Statistics Korea on February 21st, the overall fisheries production volume in 2024 fell short of the previous year and the 5-year average. However, the total production value increased by 6.9% due to the strong performance of certain key items.

Seaweed Exports Soar

Among the various marine products, seaweed stands out with an astounding 90.3% increase in production value. While the production volume saw a modest 3.2% rise, the export value skyrocketed by 25.8%, nearing 1 billion USD. This export boom has created a situation where domestic supply is struggling to keep up with demand, further driving up prices.

Other Seafood Trends

Rockfish (Ureok): Despite a stable production volume, the production value of rockfish increased by 8.1% due to a summer heatwave that caused mass deaths in fish farms, leading to a surge in market prices.
Abalone: In contrast, the production value of abalone, a high-end seafood product, decreased by 10% due to a slump in domestic demand.
Amberjack (Bangeo): With rising water temperatures, the production of amberjack increased significantly, with an 82.2% jump in production volume and an 88.6% rise in production value.

Challenges and Opportunities

The Korean fisheries industry faces ongoing challenges such as declining coastal fish stocks and the impact of climate change. However, the success of seaweed exports highlights the potential for growth and innovation in the sector. The government and industry stakeholders are working to address these challenges and ensure the sustainable development of the fisheries industry.