mackerel prices soar, up more than 30 percent in a year The price of imported mackerel has jumped, adding to the cost of living. We take a closer look at the various causes, including a decline in medium- and large-sized mackerel, a reduction in Norwegian quotas, and rising exchange rates, and look ahead.

summary: Mackerel prices have skyrocketed, rising more than 30% in a year. declining domestic mackerel catches, reduced Norwegian supply, and rising exchange rates are the main drivers.

declining catches of medium and large mackerel

korean consumers generally prefer medium to large mackerel weighing more than 300 grams (about 25 centimeters in length). when mackerel grows to a certain size, it develops enough savory fat to make it delicious when grilled or stewed, and its flesh is thick. However, in recent years, the catch of medium- to large-sized mackerel in Korea's coastal waters has decreased significantly, largely due to the effects of climate change, including rising sea temperatures. mackerel are originally born in warmer waters, such as the East China Sea or south of Jeju Island, and come up to our shores in the ocean currents, where they used to grow to full maturity. However, the ocean temperatures have recently become so high that young mackerel are unable to stay off the coast of Korea for long and are leaving for deeper and warmer waters. this has made it difficult to catch the desired size of mackerel in South Korea, resulting in a shortage of medium and large-sized mackerel. This decrease in supply is leading to higher mackerel prices in the market.

reduced imports of mackerel from Norway

as the domestic supply of mackerel has become scarce, Korea has become increasingly dependent on foreign imports. Norwegian mackerel, in particular, has been favored by the Korean market for its large, fatty size, but its supply has been unstable in recent years. the Norwegian government adjusts fishing quotas annually to prevent the depletion of North Atlantic mackerel stocks, and in recent years, the quotas have been significantly reduced. As a result, the Norwegian fishing quota has been more than halved this year compared to last year, and the amount available for import has also been significantly reduced. This has led to higher prices for imported mackerel, especially as the value of the Korean Won has fallen, pushing up the unit cost of imports in dollar terms.

rising exchange rates and seafood prices

the recent rise in the won/dollar exchange rate has also affected mackerel prices. a weaker won means a higher unit cost to convert to dollars when importing, making foreign mackerel more expensive. This exchange rate impact has translated into higher mackerel prices. In fact, the price of a handful (two fish) of mackerel exceeded 10,000 won at the end of last year, which is about 30% higher than a year earlier. this is in line with rising prices for seafood as a whole. as of December last year, seafood prices rose sharply year-on-year, with mackerel prices in particular leading the way with a double-digit increase. experts expect seafood prices, including mackerel, to remain high in 2026 unless the supply situation at home and abroad improves.

looking ahead

unfortunately, there aren't many immediate solutions to the rising price of mackerel - there isn't a large enough supply chain to replace Norway, and imports from other countries such as Chile are in short supply. however, the government is considering measures to stabilize supply. for example, they are looking at commercializing smaller mackerel, diversifying import vessels, and expanding quota tariffs. The good news is that the supply of mackerel for domestic export is increasing. however, most of the export volume is small-sized mackerel. this is because some countries, such as Ghana and Nigeria, prefer to use smaller mackerel for frying or feeding whole, so as long as there is a shortage of larger mackerel domestically, as well as smaller mackerel sold for export, it may be difficult to stabilize prices.

bottom line: rising mackerel prices are the result of a combination of lower domestic catches and lower imports. with no obvious alternatives, the price is likely to remain on the table for the foreseeable future. If you found this article helpful, please share your thoughts in the comments. subscribe to our newsletter for more informative articles.

FAQs

Q. why have mackerel prices increased by 30% in a year?
A. Climate change has reduced the domestic catch of medium and large mackerel, and imports from overseas, such as Norway, have decreased significantly. In addition, the exchange rate has increased the cost of imports.

Q. why are we importing less mackerel from Norway?
A. The international community has reduced fishing quotas to prevent the depletion of the North Atlantic Common Fishery Area, so Norway has significantly reduced its allowable catch, and the amount of imports into Korea has also decreased.

Q. is there any way to solve the mackerel supply shortage?
A. Increasing the utilization of smaller mackerel, diversifying the import fleet, and increasing quota tariffs are currently under consideration, but there are no immediate solutions that will significantly increase supply. Sustainable fisheries management and the development of aquaculture technologies are medium to long-term options.

Q. will mackerel prices rise further in the future?
A. Experts believe that the current high mackerel prices are unlikely to stabilize in the near term unless the supply situation at home and abroad improves.