"Prices Expected to Rise Before Chuseok"…Belgian Pork Imports and 20% Discount on Rice

Expanded Supply of Cabbage, Radish, Apple, Hairtail, and Mackerel
Resumption of Pork Imports from Belgium

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] The government will increase the average daily supply volume of 16 major seasonal products this year to 1.4 times the normal level. The discount rate for myeongtae (pollock) will be raised by 10 percentage points.

According to the Ministry of Economy and Finance on the 11th, the government plans to release as much of its stockpiled cabbage, croaker, and other items as possible to prevent price increases.

Lee Eokwon, First Vice Minister of the Ministry of Economy and Finance, held a meeting combining the Innovation Growth Strategy Review, Policy Review, Korean New Deal Review, and Price-related Vice Ministers' Meeting, stating, "Regarding the 16 major Chuseok seasonal products, compared to last year's two-week supply increase of 1.3 times the normal level, this year we are promoting a three-week supply increase of 1.4 times." The 16 major seasonal products include cabbage, radish, apple, pear, chestnut, jujube, beef, pork, chicken, eggs, myeongtae (pollock), squid, hairtail, mackerel, croaker, and dried anchovies.

For myeongtae, price stabilization will be pursued by releasing all 6,945 tons of government stockpiles. One week before Chuseok, the discount rate will be raised to 30%.

In the case of beef, the slaughter fee of 150,000 KRW borne by farmers will be temporarily waived until the 18th to actively encourage early supply. Through the waiver of slaughter fees, the slaughter scale is planned to increase by about 47%, from 15,000 to 22,000 heads. Accordingly, beef supply will increase by about 7-8%.

For pork, imports will be expanded by 5% compared to the average year, including resuming imports from Belgium, and supply will be increased through early shipment inducement and weekend slaughtering.

Rice, which has maintained high prices due to decreased production caused by last year's adverse weather, will be sold at a 10-20% discount during the Chuseok period in cooperation with large supermarkets and others.

Eggs will continue to be supplied at about 3 million eggs per day through import egg supply, with compensation payments for culling and restocking procedures to be completed by next week.

Meanwhile, an immediate release system for 10,000 tons of government stockpiled cabbage has been established.

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