Korean Supermarkets Turn to New Import Sources as Food Prices Surge
Creatrip Team
3 months ago
Rising food prices and a weak won have pushed Korean retailers to diversify import sources and offer substitute products. Major chains like E-Mart are importing Pacific mackerel from Chile and beef from Ireland to keep prices down—Chilean mackerel is being sold at about 25% below domestic prices and roughly half the price of Norwegian mackerel. Norway’s reduced Atlantic mackerel catch and higher exchange rates raised import costs, prompting E-Mart to plan replacing half of its Norwegian supply with Chilean fish next year. In beef, E-Mart introduced free-range Irish LA ribs with promotional discounts. Retailers are also substituting other fish (e.g., replacing mackerel with rockfish or Spanish mackerel) and expanding stockpiles and discounts to stabilize supply. Food prices have climbed roughly 27% over five years, outpacing overall inflation, and the continued won depreciation is widening import price pressures across meat, seafood, fruit and coffee—leading to active measures like sourcing diversification and alternative product offerings. (won: Korean currency)
