"Let's earn foreign currency through Korea"... Venezuela's solution to the 'economic crisis' [Now News]

Venezuela, which is suffering from economic difficulties due to U.S. sanctions on oil and gas exports, has promoted the start of trade with Korea through edible jellyfish.

Venezuela's Ministry of Fisheries and Aquaculture said it recently exported 156 tons of "Canon Ball Jellyfish" (Fortan Jellyfish) to Korea as part of its policy to promote overseas sales of non-oil items.

The Ministry of Fisheries and Aquaculture said, "Canon ball jellyfish have become a product of interest in the Asian market, which is considered valuable for edible or medicinal use," adding, "The export of jellyfish to Korea is a milestone in our government's strategy."

It did not specify the amount and size of exports, but it is considered a rather unusual "promotion" considering a significant drop in trade with South Korea over the years.

According to data from the Korea Trade-Investment Promotion Agency (KOTRA) and the Korea International Trade Association, Venezuela's exports to Korea plunged from $115 million (worth 157 billion won) in 2012 to $15 million (KRW 20.4 billion) in 2021.

Venezuela, once considered the world's No. 1 crude oil reserves and the "No. 1 candidate for economic power" in South America, has faced a crisis since the 2010s due to its weakened economic constitution that relies heavily on oil, while increasing political instability.

Venezuela, which also experienced hyperinflation of over 60,000% in 2018, is struggling to reduce its oil dependence and diversify its economic structure.

For this reason, Venezuelan authorities are counting on the "spread effect of jellyfish exports to Korea."


AI Anchor: Y-GO
Caption editing: Jeong Eui-jin