Yonhap News
Venezuela, struggling with economic difficulties, is looking for solutions by exporting edible jellyfish. To overcome the financial crisis caused by U.S. sanctions on oil and gas exports, Venezuela is actively promoting trade with Asian countries, including South Korea.
According to Venezuela’s Ministry of Fisheries and Aquaculture, on October 16, the local authorities recently exported around 156 tons of cannonball jellyfish to South Korea.
This initiative is part of a policy aimed at boosting sales of non-oil products abroad. In a related statement, the Ministry of Fisheries and Aquaculture explained, “Cannonball jellyfish found along our country’s coasts have become a product of interest in the Asian market, where they are highly valued for both culinary and medicinal purposes.”
Venezuela seems to have high hopes for its jellyfish exports. Although President Nicolás Maduro’s government has not disclosed specific export figures or scale, the Ministry emphasized, “Jellyfish exports to South Korea are a milestone in our government’s strategy.”
This development is somewhat unusual, considering that trade with South Korea has significantly decreased in recent years. According to data from the Korea Trade-Investment Promotion Agency (KOTRA) and the Korea International Trade Association, Venezuela’s exports to South Korea dropped sharply from $115 million in 2012 to $15 million in 2021.
This shift in Venezuela’s trade is rooted in its economic crisis. Once considered a leading economic power candidate in South America due to its status as the country with the world’s largest oil reserves, Venezuela has faced a crisis since the 2010s as its economy became overly reliant on oil, and political instability worsened.
In 2018, Venezuela experienced hyperinflation of over 60,000%. The country has been striving to reduce its dependence on oil and diversify its economy. For this reason, Venezuelan authorities are reportedly pinning their hopes on the impact of jellyfish exports to South Korea.
To successfully initiate trade with South Korea, the Venezuelan government has engaged local governments and private organizations in related projects, emphasizing that they have strengthened the export system in record time through streamlined administrative processes and enhanced logistics.
The Ministry of Fisheries and Aquaculture also highlighted the jellyfish export initiative’s great significance from both scientific and geopolitical perspectives. The Ministry stressed the importance of research and development to confirm the potential of VenezuelaVenezuela’sesources and benefit fishing communities while also emphasizing that opening new markets could strengthen ties with economically dynamic Asian countries.
