South Korean Oyster Prices Increased by 5% WoW Due to Higher Demand

The wholesale price of oysters in South Korea stood at KRW 13,879/kg on the 27th of March. Despite it being relatively flat, the price slightly increased by 5% WoW. This is owing to higher purchasing activities from importing markets, particularly from the US and Canada.
The wholesale price of oysters in South Korea stood at KRW 13,879/kg on the 27th of March. Despite it being relatively flat, the price slightly increased by 5% WoW. This is owing to higher purchasing activities from importing markets, particularly from the US and Canada. At the beginning of 2023, the US Food and Drug Administration issued a warning on sapovirus-related diseases related to oysters, especially those from South Korea. As a result, fewer South Korean oysters were imported, which gradually reduced the price. South Korea has been working to improve the sanitary conditions for oyster production. The US has recently approved the continuation of South Korean oyster imports. Moreover, the Canadian health authority has assessed the Korean Shellfish Sanitation Plan (KSSP) and determined that South Korean oysters can be exported to Canada. Thanks to the improvement of sanitary in South Korea, the export of oysters would have a positive outlook and prices could also pick up in the near term.