A pedestrian walks past a Korean fast food restaurant in Seoul, Wednesday. Newsis

The government will increase its expenditure to secure the domestic seaweed supply, as the recent seaweed shortage — resulting from a rise in exports of the product — has prompted hikes in gimbap (a Korean snack food) and seasoned seaweed prices, the Ministry of Oceans and Fisheries said Thursday.

In addition to a plan to grant new licenses to aquaculturists in July to increase the combined size of domestic seaweed farms by 2,700 hectares, the government will finance seafood discount events at supermarkets and online stores until next month and lower tariffs until October on imported seaweed products, which can be used for seaweed flakes.

The government is also considering financial support to seaweed farmers signing contracts in advance on their annual outputs, so as to prevent a shortage or oversupply of the green staple of the sea.

"Stable production of seaweed sheets is very important for Korean food products to dominate the global market," Oceans Minister Kang Do-hyung said. "The government will take measures to stabilize supply as planned and will enable seaweed consumption by the Korean public without passing the financial burden on to them."

A customer shops for seasoned seaweed at a supermarket in Seoul, Tuesday. Yonhap

A series of measures came as the domestic price of unprocessed seaweed quintupled recently to 350,000 won ($254) per 120 kilograms from 70,000 won in early 2023, after Korea's seaweed product exports surpassed 1 trillion won for the first time last year.

Some industry officials have therefore asked the government to reduce seaweed product exports during times of shortage.

However, it appears the government's key interest is in promoting the growing popularity of Korean seaweed products in foreign markets evidenced by its claims that domestic seaweed product exports will rise over 5 percent this year.

In response to the shortage, TeacherKim, Gimgane, Witch Gimbap and other major restaurant franchises that largely sell gimbap, have carried out up to 1,000 won hikes on the prices of the dish, which is a popular choice among consumers looking for inexpensive meals.

Self-employed restaurant owners have also hiked gimbap prices or removed seasoned seaweed from the list of free side dishes, despite customer complaints.

"Although I feel sorry for my customers, I have no choice but to raise gimbap prices by 300 won, due to the soaring gim price," a restaurant owner wrote on an online forum for the self-employed.

KwangcheonKim, Sung Gyung Food, Dae Chun Foods and other leading seasoned seaweed makers raised their product prices by up to 20 percent.

Dongwon F&B, CJ CheilJedang, Pulmuone and Daesang are also considering hikes in their seasoned seaweed prices, although the conglomerates have remained cautious, due to the government's pressure to join in efforts to curb inflation.

The government has urged companies to refrain from price hikes, as most of them have resumed raising their prices since the general elections that took place on April 10.

First Vice Minister of Trade, Industry and Energy Kang Kyung-sung urged retailers on Thursday to minimize and postpone their planned price hikes, during his visit to a Lotte Mart branch in Seoul to check the prices of industrial products.

Lotte Wellfood has already delayed its planned increases in the prices of Pepero, Ghana Chocolate and other chocolate snacks until June. CJ Logistics also put off its planned hikes regarding its delivery fees for packages sent via convenience stores.