The government is promoting the stockpiling of dried seaweed for the first time in 20 years to bring down the price of seaweed, which has soared 40% higher than usual. This involves purchasing and storing seaweed when prices are low and supplying it to the market when prices rise significantly.
According to Yonhap News on the 10th, the Ministry of Oceans and Fisheries is in discussions with the Ministry of Economy and Finance to implement a dried seaweed stockpile system.
The dried seaweed stockpile program was conducted from 1979 to 2006 but was halted due to a collapse in seaweed prices and quality deterioration. If the government reintroduces it, it will be restarted after more than 20 years.
Last year, there were calls for the stockpiling of seaweed as the price of seaweed was said to be 'worth its weight in gold.' However, the stockpile system was omitted from the 'Measures to Enhance Competitiveness of the Seaweed Industry' announced by the Ministry of Oceans and Fisheries in October last year.
However, as the price of seaweed continues to soar this year, the Ministry of Oceans and Fisheries is actively reviewing the implementation of the seaweed stockpile system. The increased volatility in fishery production due to climate change and the rapid rise in export volumes could lead to domestic supply shortages. It is reported that after completing the expansion of the Jeonnam Naju consumer distribution center, there will be a review of storing and stockpiling seaweed there.
In addition, there are plans to increase the number of aquaculture marine products included in the stockpile. There are also plans to research and develop cold storage technology essential for stockpiling aquacultured marine products. The Ministry of Oceans and Fisheries believes that if cold storage technology is secured, it will also be possible to stockpile raw seaweed, which is the ingredient for dried seaweed.
Meanwhile, according to the Korea Agro-Fisheries & Food Trade Corporation (aT), as of the 8th, the average retail price of dried seaweed (standard quality) was 1,347 won for 10 sheets, which is 41.5% higher than the average of 952 won. The average annual price of dried seaweed (10 sheets) has surged to ▲1,019 won in 2023 ▲1,271 won last year ▲1,384 won this year.