Kim Young-ran Act Relaxed, Agricultural, Livestock, and Marine Product Gifts Increase by 56%

Ministry of Agriculture, Food and Rural Affairs: "Effects of Increasing Gift Value Limits for Agricultural Products under the Improper Solicitation and Graft Act"

[Image source=Yonhap News]

[Asia Economy Reporter Moon Chaeseok] During the Lunar New Year holiday period, the increase in the gift value limit for agricultural, livestock, and fishery products under the Improper Solicitation and Graft Act resulted in a 56% rise in sales of agricultural food gifts.

The Ministry of Agriculture, Food and Rural Affairs announced on the 1st that a survey of 12 major distribution companies from the 4th to the 24th of last month showed that sales of agricultural, livestock, and fishery product gifts reached 125.9 billion KRW, up from 80.5 billion KRW in 2020.

Sales amount of Lunar New Year gifts by item. (Data from Ministry of Agriculture, Food and Rural Affairs)

Gift sales increased across all categories: fruits such as apples and pears by 97%, livestock products like Korean beef by 28%, other agricultural and livestock products such as ginseng and mushrooms by 22%, fishery products including dried yellow corvina and abalone by 78%, and processed foods like red ginseng and salted seafood by 63%.

By price range, sales of gifts priced between 100,000 and 200,000 KRW, the range for the increased gift value limit, rose by 31%. Sales of gifts priced between 50,000 and 100,000 KRW increased by 112%, and gifts exceeding 200,000 KRW also grew by 14%.

Within the 100,000 to 200,000 KRW range, fruits such as apples, Shine Muscat grapes, and Hallabong mandarins increased by 14%, livestock products like Korean beef by 22%, and other agricultural and livestock products including ginseng rose by 127%.

For gifts exceeding 200,000 KRW, sales of other agricultural and livestock products such as pine mushrooms and ginseng surged by 89%, and health processed foods like red ginseng and juice products soared by 556%.

2021 Seollal gift sales growth rate by price range. (Source: Ministry of Agriculture, Food and Rural Affairs)

By purchase method, non-face-to-face channels such as home shopping and online malls saw a remarkable 77% increase in sales.

Earlier, the government raised the gift value limit for agricultural, livestock, and fishery products from 100,000 KRW to 200,000 KRW from the 19th of last month until the 14th of this month. The Ministry of Agriculture, Food and Rural Affairs judged that this policy positively influenced the increase in sales.

An official from the Ministry explained, "After the price adjustment, the distribution industry has expanded sales of gifts priced between 100,000 and 200,000 KRW by composing various gifts such as Shine Muscat grapes, Hallabong mandarins, and Korean beef for grilling."

The Ministry is striving to create a synergy effect between the gift value increase measure and the agricultural, livestock, and fishery product consumption coupon policy.

Until the 10th, the "Korea, Let's Go for Agricultural Discounts" event is being vigorously promoted nationwide at traditional markets, small to large supermarkets, online shopping malls, direct transaction stores, cooperatives, local governments, and public institution shopping malls.

Additionally, the Ministry plans to expand the Lunar New Year agricultural food gift-giving campaign centered on related agricultural food organizations.

Minister Kim Hyun-soo of the Ministry of Agriculture, Food and Rural Affairs said, "The Ministry, related organizations, and the NongHyup will take the lead in conducting a relay campaign for sending good agricultural and livestock product gifts."

He added, "I hope that people will convey their hearts with our agricultural and livestock product gifts to family and neighbors they cannot visit due to COVID-19 and to vulnerable groups who will have a difficult holiday."

This content was produced with the assistance of AI translation services.