Business · Energy & Commodities · 4 hrs ago

West Sea crab prices nearly double as catches fall

West Sea crab prices nearly double as catches fall

Male blue crab prices in South Korea nearly doubled as catches in the West Sea fell.

In the third week of October, the average auction price was 20,400 won per kilogram, up 92.45% from a year earlier.

This autumn’s West Sea crab catch is forecast at 69% to 92% of last year’s level, partly because crab grounds have spread across the sea, making fishing less efficient.

Prices for other seasonal seafood also rose: sea bream was up 119.12% and shucked oysters 30.53% from a year earlier.

Mackerel prices moved the other way, falling 17.65% to 2,800 won per kilogram as catches are expected to be about 10% above the recent five-year average.

Crab prices may keep rising as catches decline and some fishing boats switch to other species.

Retailers say they are cutting margins and offering discounts to limit price increases for shoppers.

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What people are saying

Seafood industry representativeRetail industry source
The catch of male swimming crabs is declining, and more fishing boats are switching to other species, so prices are generally rising; we are holding down retail prices by running discount events and reducing margins.
via Yonhap News