Photo: Union Forsea Corp.

South Korea Implements 0% Tariff on Norwegian Mackerel to Combat Rising Food Costs

SOUTH KOREA
Friday, June 20, 2025, 09:00 (GMT + 9)

Temporary 10,000-Ton Quota Aims to Ease Household Food Expenses Amid Price Surges

SEOUL – The South Korean government has announced a swift measure to alleviate the burden of surging imported mackerel prices on household food expenses, deciding to apply a 0% tariff-rate quota to Norwegian mackerel. This move, part of a broader government-wide initiative to stabilize prices, is set to take effect on July 1st.

According to the Ministry of Economy and Finance and other relevant agencies, a 10,000-ton quota of Norwegian mackerel will temporarily benefit from the reduced tariff, dropping from the existing base rate of 10% to zero, effective until the end of the year. This action comes as the nation faces intensified inflationary pressure from rising international oil prices and raw material costs, making the stabilization of frequently consumed seafood prices an urgent priority.

The import unit price of Norwegian mackerel has been on a steady upward trend, driven by factors such as decreased catches and rising international market prices. Consequently, domestic consumer prices have also faced significant upward pressure. The government's rapid intervention aims to minimize the economic impact on households.

A government official stated, "We expect that this application of a tariff-rate quota to Norwegian mackerel will lead to a decrease in import unit prices, which will in turn stabilize domestic consumer prices." The official added, "We will continue to make various efforts to ease the burden on household food expenses and support the stable supply of mackerel."

The revised enforcement decree for this tariff-rate quota application is scheduled for finalization at the Cabinet meeting on June 24th. The government anticipates that this measure will positively influence price stability in the domestic seafood market, enabling consumers to purchase mackerel at more reasonable prices.

Market Context: Currently, in the domestic wholesale market, prices for 20kg packages of frozen Norwegian mackerel are 96.000 won (approximately $69.58 USD) for the 300/500-gram size and 97.000 won ($70.31 USD) for the 400/600-gram size. These figures represent significant increases compared to June 2024: the 300/500-gram size has risen by 26.3%, and the 400/600-gram size by 25.9%. (Conversion based on an approximate exchange rate of 1 USD = 1380 KRW for reference at the time of writing).

Source: Union Forsea Corp.

editorial@seafood.media
www.seafood.media

Print