Yi Whan-woo is a Korea Times journalist primarily covering finance. He writes in-depth articles on macroeconomy and financial markets and previously covered sports, politics, diplomacy and inter-Korean affairs, among others. Feel free to contact him at yistory@koreatimes.co.kr.
Korea’s beloved mackerel becomes unaffordable amid dwindling supply, weak won
Packaged mackerel imported from Norway are displayed at a discount store in Seoul, Sunday. Yonhap
By Yi Whan-woo
Choi, a housewife in her 70s, says she can no longer afford mackerel, one of Korea’s most popular staples.
“I’m always surprised when I see the price tag on a catch, as it seems to go up faster every year,” she said.
Her observation is supported by data showing sharp price increases, driven by a declining supply of Norwegian mackerel — which accounts for 80 to 90 percent of imports — and a weakening won, amid scarce domestic stock.
According to Korea Agro-Fisheries & Food Trade Corp., the average retail price of imported mackerel reached 10,363 won ($7.16) for two fish in December 2025.
The mackerel were salted and classified as large, the size most preferred by consumers. Their price reflected a sharp rise — more than 1.5 times the 6,803 won in 2023 and 28.8 percent higher than 8,048 won in 2024.
The increase comes as supply has declined both domestically and abroad.
Data from the Korea Maritime Institute showed that monthly mackerel production in Korea recently fell 61.5 percent from a year earlier to 6,993 tons.
At the same time, the Ministry of Oceans and Fisheries reported that Norway’s mackerel catch quota dropped 63 percent, from 215,000 tons in 2024 to 165,000 tons in 2025, with plans to reduce it further to 79,000 tons in 2026.
Quota reductions are in line with measures by regional neighbors — including the United Kingdom, the Faroe Islands and Iceland — to protect stocks, particularly amid climate change.
The supply pressure, combined with a weakening won, has further driven up prices as the annual average exchange rate was 1,422.16 won per dollar in 2025, higher than the rate in 1998 at the peak of the Asian financial crisis.
Under the circumstances, the ministry said discussions are underway to diversify imports and promote the commercialization of small-sized mackerel.
“These fish have been plentiful, while large-sized mackerel have declined,” the ministry said.