Endless Gold Rush... "Price Expected to Fall by the End of This Month"

Special cages 30 units, 45.3% increase from a year ago
Impact of AI-related culling last year
June sees laying hens recover to average levels

On the 6th, eggs are being sold at a discount as part of the 'Nonghal Gapsida' event at Emart Guro branch in Seoul.

[Asia Economy Reporter Lim Chun-han] # Mr. A sighs every time he passes by the egg section at the supermarket these days. The soaring egg prices show no signs of dropping. He lamented, “Buying a carton of eggs is too burdensome. The prices don’t seem to be falling,” adding, “Just as people grow green onions to eat, now it seems we have to raise chickens ourselves.”

While the endlessly rising green onion prices have stabilized, egg prices remain stubbornly high. Although egg production is expected to normalize by the end of this month, leading to a price drop, consumers are currently facing significant price burdens.

On the morning of the 6th at Emart Guro branch in Seoul, housewives were busy trying to buy discounted eggs. Large supermarkets are selling eggs at 20% off until the 9th as part of the 'Let's Support Farmers' campaign. Emart was selling 30 eggs for 5,520 won to Shinsegae Point members. The prepared stock seemed likely to sell out quickly that day as well. In fact, when visiting the store two evenings ago, the promotional items were already sold out. Regular-priced eggs cost about twice as much. At Emart, 30 eggs are sold at 11,960 won for large eggs, 11,560 won for medium eggs, and 10,600 won for special eggs.

Based on regular prices, eggs at traditional markets and grocery marts were slightly cheaper. At Gwanak Sinsa Market, 30 large eggs were sold for 9,500 won, special eggs for 8,500 won, and medium eggs for 7,500 won. At a grocery mart in Gwanak-gu known for cheap food, 30 large eggs were priced at 8,900 won and special eggs at 8,500 won.

On the 6th, eggs are being sold at a food ingredient mart located in Gwanak-gu, Seoul.

According to the Korea Agro-Fisheries & Food Trade Corporation (aT), the average retail price of 30 special eggs was 7,521 won as of the 4th, up 3.2% from a month ago. This is 45.3% higher than 5,191 won a year ago and 42.3% higher than the average price of 5,290 won.

The reason egg prices have not stabilized is due to a shortage of laying hens. Last year, avian influenza (AI) spread, leading to the culling of 16,735,000 laying hens, about 30% of the domestic population. According to the Korea Rural Economic Institute (KREI), the total number of laying hens in June is expected to recover to normal levels, and egg production is projected to exceed 42 million, similar to average levels, by the end of this month. As production increases, egg prices are expected to continue declining.

The government has decided to increase egg imports to over 50 million to stabilize prices. This is more than the 40 million imported in April and May. The emergency tariff quota support, which was scheduled to end at the end of this month, will also be extended until the end of the year. This support reduces the basic tariff rate of 8-30% to 0% and applies to eggs and seven types of egg products.

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