Shortage of squid sends prices soaring
A savory spicy hot noodle dish, known as "jjambbong" in South Korea, would not be complete without plenty of seafood dipped in hot spicy broth. / Photo from bbkk.kr
By Ko Dong-hwan
A shortage of squid in South Korea is confusing people in restaurants and convenience stores, with the crisis making the seafood more valuable than ever before and costlier to taste.
The amount of squid caught off South Korea and in other oceans fell by more than half in 2017. Only 130,000 tons were caught last year, as against more than 330,000 tons in 2014.
The shortage has hit retail markets and restaurants. At a Chinese restaurant in Seoul, some customers complained about spicy hot noodle, known “jjambbong” in Korea, because it did not contain as much squid as usual. The affordable popular dish contains seafood such as mussels, clams, oysters, shrimps and squid dipped in hot pepper-based red or white broth.
A spokesperson said that if the restaurant used the same amount of squid as before, the price would have to be raised. Chosun Ilbo referred to the popular ingredient as “golden squid.”
Local franchise diner Jaws Ddeokbboki raised the price of a piece of deep-fried squid from 700 won ($0.65) to 1,000 won. Convenience store chain CU has raised the price of 24 snacks containing manufactured squids by up to 20 percent. Sauce and food manufacturer Sempio stopped making its two squid snacks in March.
The Korea Maritime Institute (KMI) said the price of one kilogram of refrigerator-stored squid in retail markets in April was 14,400 won, up 64 percent from two years ago. The same amount of frozen squid, selling for 11,800 won this month, was up 74 percent.
The rising temperature of oceans surrounding the Korean Peninsula is a major cause of the crisis. The species, which lives where cold and warm currents meet and form temperatures between 12-18C, have migrated from their usual areas in the East Sea to cooler North Korean waters.
Another reason is Chinese illegal fishing off South Korea. The KMI said Chinese vessels had taken seafood worth 1.3 trillion won a year from Korea waters.
Amid the crisis, Ministry of Oceans and Fisheries said it would stabilize the domestic squid market by investing 17.78 billion won to buy 3,200 tons of squid in advance and roll them out in markets during the Lunar New Year holiday and Thanksgiving Day holiday when demand is heavy.