Onion Prices Rise Due to Decreased Production... Forecasted 9.5% Decline Compared to Previous Year

[Image source=Yonhap News]

[Asia Economy Reporter Eunmo Koo] The price of onions, which had plummeted due to oversupply, is expected to rise again from the end of this month. This is because the cultivation area has decreased compared to last year, and production has declined due to abnormal weather conditions.

On the 5th, the Ministry of Agriculture, Food and Rural Affairs forecasted that this year's onion production would be 1.24 million tons, down 9.5% from last year and 12.1% from the average year.

According to the Agricultural Outlook Center of the Korea Rural Economic Institute, the early-maturing onions, which are usually shipped from late March and consumed until May, are expected to have a production volume similar to the same period last year, at 217,000 tons.

However, the production of mid-late maturing onions, harvested in May to June and consumed until March to April of the following year, is expected to decrease by 11.3% compared to last year and 14.9% compared to the average year, totaling 1.022 million tons. This is due to a 6.7% reduction in cultivation area compared to the same period last year, along with somewhat poor early growth.

Of course, since there are still more than three months until the harvest season, the Agricultural Outlook Center explained that production volume could change depending on future weather conditions. The Ministry of Agriculture, Food and Rural Affairs stated, "We plan to continue investigating onion growth conditions, inventory, import trends, and price trends, and provide monthly guidance to farmers."

Earlier, the Ministry had announced measures to stabilize onion prices in March to April, the shipping period for early-maturing onions, by delaying the shipment of stored onions and halting the shipment of early-maturing onions from the Jeju region.

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