JEJU ISLAND – Fishermen from Jeju Island are facing severe financial hardships as hairtail catches have drastically declined, even in distant waters off the coast of Taiwan. Despite venturing 900-1000km into the East China Sea, these fishermen are returning with minimal catches, leading to substantial financial losses.

Kim Mi-ja, head of the Seogwipo Fisheries Cooperative, revealed that some vessels have incurred losses of up to 40 million won after a month-long expedition to Taiwanese waters. "The cost of these trips, excluding labor, is around 120 million won," Kim explained. "Fishermen need to catch at least 10,000kg of hairtail to break even, but they are far from reaching that target."

The decline in hairtail catches has been a growing concern since last year. According to the National Federation of Fisheries Cooperatives, the Seogwipo Cooperative, a major hairtail producer, saw a 16.4% drop in auction volume in 2024. Other cooperatives in Jeju, including Seongsanpo, Jeju, Hallim, and Moseulpo, have also reported significant reductions in catches and auction values.

The nationwide hairtail auction volume has decreased by 32.7% from 2023 to 2024, resulting in a 26.7% drop in auction value. This year alone, Jeju's five fisheries cooperatives have seen a 12.8 billion won decrease in hairtail auction value compared to the same period last year.

Fishermen attribute the decline to rising seawater temperatures caused by climate change, which has led to a depletion of hairtail resources. They also point to the ongoing delay in the Korea-Japan Fisheries Agreement, which restricts their fishing zones and forces them to travel to distant waters like the Taiwan Strait.

Jeju Governor Oh Young-hun visited the Seongsanpo Fisheries Cooperative to offer support to the struggling fishermen. He acknowledged the challenges they face due to climate change, limited fishing zones, and rising operating costs.

"The provincial government will work closely with the Ministry of Oceans and Fisheries to develop a long-term plan for the fisheries industry," Governor Oh stated. "We will also strengthen support for creating a safe fishing environment and improving the livelihoods of our fishermen."

[Copyright (c) Global Economic Times. All Rights Reserved.]