Jeonnam Province, support for management stabilization funds for abalone farms

South Jeolla Province in South Korea has allocated 3 billion won in emergency funds to aid abalone farmers facing a severe crisis due to a significant drop in prices and increased production costs. The subsidy will be distributed to 3,441 farmers across nine cities and counties, with the subsidy amount determined by the size of their facilities. The price of abalone has fallen by 36% in two years, from 39,250 won per kg in December 2022 to 25,000 won in December 2024, threatening the sustainability of farmers and the local economy. This crisis is part of a larger issue affecting the regional economy, as abalone is a key species leading Jeonnam’s fisheries economy, with an expected production amount of 535.7 billion won in 2023.

South Jeolla Province announced that it will provide a total of 3 billion won in emergency management stabilization funds to help abalone farmers recover from the plunge in prices and increased production costs. This is one of the core projects of the comprehensive emergency livelihood stabilization measures promoted by South Jeolla Province, and 3,441 abalone farmers in 9 cities and counties are eligible. The subsidy will be paid according to the size of the facility. The price of abalone, which was 39,250 won per kg (10 fish) in December 2022, fell to 32,500 won in 2023 and 25,000 won in December 2024, a 36% drop in price in just two years. This is a level that threatens the survival of abalone farmers and the local economy, and the main causes are analyzed to be the increased burden of production costs and sluggish consumption. Jeonnam Province Director of Marine and Fisheries Park Young-chae said, “The decline in abalone prices is not just a decrease in fishermen’s income, ...