Price of dried seaweed soars as exports increase sharply but production remains same

A fish farm in the sea in Jeonnam. Courtesy of Jeollanam-do Province

The status of “dried seaweed,” which is easily seen on Koreans’ dining tables, has changed. In South Jeolla Province, the country’s largest seafood producing region, seaweed became the first single product to hit 800 billion won in production this year. It quickly surpassed abalone, which has always been the number one seafood product in output.

The price of dried seaweed, which has doubled from last year, is expected to remain high for the foreseeable future as inventories have plummeted. To boost seaweed production, the government has been developing seaweed farms, but the province insists it needs a larger area.

"We are discussing the development of new seaweed farms with the Ministry of Oceans and Fisheries," the South Jeolla provincial government said on June 16. Seaweed is produced through aquaculture, and South Jeolla Province, which accounts for 80 percent of the country’s production, has 62,668 hectares of farms, 211 times the size of Seoul's Yeouido.

Seaweed production has not kept up with consumption in recent years. This year, the country produced 508,782 tons of seaweed, almost similar to 530,000 tons in 2023. However, the price of unprocessed seaweed has skyrocketed. This year, the price of 1 kilogram of seaweed was 1,950 won, up 810 won (71.5 percent) from 1,140 won last year.

The amount of seaweed production in South Jeolla Province surpassed that of abalone (670 billion won) for the first time this year, ranking as the top seafood product. Prices of processed seaweed are also rising rapidly.

The rising price of seaweed is due to increasing exports. In 2020, domestic consumption was 55 percent and exports were 45 percent. However, in 2021, exports surpassed domestic consumption for the first time at 53 percent. In 2022, exports increased to 56 percent, and last year, the share of exports soared to 68 percent.

Domestic seaweed stocks are shrinking rapidly. As of April, the country's seaweed inventory stood at 49,000 sacks (100 sheets of dried seaweed per sack), with an inventory rate of 35 percent. This is 23 percent lower than the 64,000 sacks in the same month last year.

To increase seaweed production, it is urgent to expand aquaculture farms, but the government is not accommodating all local government requests. South Jeolla Province, which farms seaweed in 12 cities and counties, has asked the government to expand 6,000 hectares, about 10 percent of its current area.

However, the government has decided to develop 2,700 hectares of new farms nationwide, with 1,658 hectares allocated to the province. To diversify seaweed production, South Chungcheong Province and North Jeolla Province were allocated 470 hectares each. They have increased 9.8 percent and 15 percent of the existing area, respectively. Busan and Gyeonggi Province saw an increase of 52 hectares and 51 hectares, respectively.

As it is difficult to secure new farms, South Jeolla Province is trying to develop “offshore farms” with a depth of 35 meters or more, where seaweed farms have not been installed before. It is also promoting the development of “land-based aquaculture” technology. Onshore farming is expected to produce seaweed year-round, regardless of water temperature.

"The offshore sea is more suitable for producing excellent seaweed because the waves are moderate and the water temperature is low," said an official from the South Jeolla provincial government, adding, "There is currently no law regarding permission for seaweed farming in the offshore sea, so we are in talks with the government.“

The South Jeolla Provincial Assembly also called for the government to increase the number of new aquaculture farms. Shin Eui-joon, a member of the provincial council, said, "Due to climate change, such as rising water temperatures, it is difficult to expect higher-than-average production with the current scale of aquaculture. The government should quickly accept the expansion of new farms and the establishment of new offshore farms."

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