Mackerel prices surge at Busan Fish Market as exports and supply pressures mount

Fried mackerel, boiled rice, soup, and pickles on the table.

(Photo courtesy of Haps Magazine Korea)

Prices for mackerel, long considered a staple of the Korean dinner table, are rising sharply at the Busan Cooperative Fish Market, raising concerns about affordability for consumers.

According to the market, 10,880 tons of mackerel were auctioned in January, with the average wholesale price reaching 2,495 won per kilogram.

This marks a nearly 60% increase from January last year, when prices averaged 1,565 won per kilogram.

The surge is being driven by a combination of factors, including a weaker won, rising overseas demand, and reduced catches.

Mackerel exports reached US$200 million last year, up 128.8 percent year on year, with strong demand from African markets accounting for roughly half of total exports.

At the same time, supplies of imported Norwegian mackerel, which make up the bulk of domestic distribution, have tightened due to sharp cuts in fishing quotas.

Industry officials expect upward price pressure to continue in the near term.