Ten pieces of dried squid sold for 170,000 won [1] on Ulleungdo Island have sparked accusations of price gouging against local vendors.
The controversy highlights a deepening economic crisis for the island's fishing community, where a collapse in squid populations has turned a local staple into a luxury good.
Local fishermen and vendors on the island have expressed frustration over the "bagaji" — a Korean term for price gouging — labels. They said the high costs are a direct result of a catastrophic decline in the availability of the seafood. The scarcity has forced prices upward as the supply of the regional specialty vanishes.
Data shows a precipitous drop in the local harvest. In 2016, the squid catch on Ulleungdo was 7,000 tons [1]. By 2023, that number had fallen to under 1,000 tons [1]. The decline accelerated further last year, with the catch dropping to under 100 tons [1].
Consumers are feeling the impact of this ecological shift. Im Deuk-eun, a resident of Uijeongbu in Gyeonggi-do, said the price of squid has risen so sharply that it has effectively become as expensive as gold.
"To be honest, the price of squid has risen so much that it has become the price of gold," Im said. "Squid was my first choice of what I wanted to eat, but realistically, it's become difficult to buy and eat."
Fishermen said the price reflects the reality of the sea rather than a desire to exploit tourists. With catches now representing a tiny fraction of what they were a decade ago, the cost of procurement has surged, leaving both vendors and consumers in a difficult position.
“Ten pieces of dried squid sold for 170,000 won”
The pricing conflict on Ulleungdo is a symptom of a larger environmental collapse. The drop from 7,000 tons to under 100 tons in less than a decade suggests a severe disruption in the marine ecosystem, likely driven by climate change or overfishing. This shift transforms a local economic pillar into a volatile market, where traditional fishing communities struggle to survive while the regional tourism industry faces reputational damage from inflated costs.
