'Green Onion Shortage' Expected to End This Month... Early Varieties to Be Shipped Soon

[Image source=Yonhap News]

[Sejong=Asia Economy Reporter Kim Hyun-jung] The price of green onions, which surged earlier this year due to cold waves and heavy snowfall damaging the harvest, is expected to stabilize by mid-April. Additionally, applying the government's discount coupons for agricultural, livestock, and fishery products can help reduce the burden of grocery prices.

According to Statistics Korea on the 3rd, prices of agricultural, livestock, and fishery products rose 13.7% last month, continuing a double-digit increase following the previous month's 16.2%. Agricultural products increased by 19.2%, livestock products by 10.2%, and fishery products by 1.8%.

Due to poor harvest conditions caused by typhoon-related weather deterioration, the price of green onions soared by 305.8%. This is the largest increase since April 1994 (821.4%). The average annual production of green onions is about 106,000 tons, but this year it was only 94,000 tons.

With the release of 400 tons under the Vegetable Price Stabilization Program and harvest recovery due to rising temperatures, shipments have increased, and prices have gradually stabilized since peaking in February. The price per kilogram of green onions, which was 3,216 KRW in January, surged to 4,745 KRW in February and recorded 4,666 KRW last month. As of the 2nd, the price has dropped to 4,179 KRW.

The Ministry of Agriculture, Food and Rural Affairs expects that with early spring green onion shipments starting in mid-April and expanded shipping areas, prices will stabilize rapidly.

Egg prices, which had surged due to the impact of highly pathogenic avian influenza (AI), have also somewhat eased. Since the start of imported supply, the upward trend in consumer prices has moderated, and prices are gradually declining due to discount events at large supermarkets.

Egg prices, which were around 5,097 KRW for 30 premium eggs in March on average, rose to 7,760 KRW in February and are currently about 7,587 KRW in March. Consumers can purchase eggs at a 20% discount compared to in-store prices through discount coupons, and especially at Nonghyup Mart, eggs are sold at a 30% discounted price of 5,560 KRW.

Rice prices also rose 13.1% compared to last year, due to a decrease in production (3.51 million tons, down 6.4% year-on-year) caused by adverse weather such as typhoons last year, resulting in supply shortages relative to demand. The government is releasing stockpiles (170,000 tons in January-February, with an additional 100,000 tons to be supplied in April) into the market, and consumer prices have remained steady at around 60,000 KRW per 20 kg since January. Going forward, the government plans to manage supply and demand stably by releasing additional stockpiles (within 100,000 tons) as needed based on supply and demand trends.

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