Korea Sends Big Ships for Squid

Korea’s squid prices have surged as domestic supplies tighten, driven by a sharp drop in offshore squid resources. To stabilize prices and boost supply, the Ministry of Oceans and Fisheries has approved four large-scale deep-sea trawlers to fish for Argentine squid (Illex argentinus) in the Southwest Atlantic (FAO Fishing Area 41).

Korea’s coastal and offshore squid catch has nearly halved in four years, while consumer prices for frozen squid have jumped 31.8% since 2021, earning it the nickname “golden squid.” The government expects the new large vessels to add about 2,000 tons of squid this year and lower consumer prices by roughly 10%. All extra catch is restricted to the domestic market.

The move has drawn criticism from small fishing businesses over unfair competition and from environmental groups over unregulated fishing on the high seas. Seoul defends the policy as a way to build historical fishing records for future quota negotiations once a regional fisheries management organization is established.

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