Price of dried seaweed continues to increase despite government discount support

A consumer chooses dried seaweed products from a shelf at a hypermarket in Seoul on April 29. The average retail price of 10 sheets of dried seaweed(medium-grade) was 1304won($130) on April 26, up 29percent from a year ago(1012won), according to the Korea Agriculture, Fisheries and Food Distribution Corporation. Yonhap News Agency

The retail price of dried seaweed has risen sharply, exceeding 130 won per sheet despite government’s discount support. This is due to the rise in production prices and wholesale prices as inventory decreases due to increased exports. Prices are expected to remain strong until October, when the raw material, woncho, or water seaweed, is in full production.

According to price information provided by the Korea Agro-Fisheries & Food Trade Corporation on April 29, the average retail price of 10 sheets of dried seaweed (medium quality) was 1,304 won as of April 26. The price at traditional markets was 1,193 won, and the price for retailers was 1,513 won.

The average retail price of 10 sheets of dried seaweed is up 29 percent from a year ago (1,012 won). The Ministry of Oceans and Fisheries tried to stabilize prices by adding dried seaweed to the list of items on sale with a discount of up to 50 percent (including 20 percent discount support from the government) last month, but prices have been rising.

Its wholesale price has jumped even more. The wholesale price, which was around 7,000 won per 100 sheets by the end of last year, was 14,400 won as of the 26th, up 58 percent from a year ago (6,628 won). The volume of imports has also decreased. Imports of dried seaweed from January to March this year amounted to 141 tons, which is 77 percent of the same period last year (183 tons). As wholesale prices rose, the food industry, including seasoned seaweed processing companies, also raised the consumer price by 10 to 20 percent.

The Ministry of Oceans and Fisheries has decided to add more seaweed farms and introduce a contract farming system. In July, 2,700 hectares of seaweed farms will be added, which is 3,800 times the size of a football field (0.714 hectares). Lower quota tariffs will be applied to imported dry seaweed and seasoned seaweed. The discount event for up to half the price at supermarkets will be extended until next month.

“The shortage will be resolved when the raw material, woncho, is produced in October at existing and new seaweed farms,” said an official from the ministry.

※This article has undergone review by a professional translator after being translated by an AI translation tool.