Prices of Radish, Onion, and Potato to Rise Further... Government to Release Stockpiles and Expand Imports

Holding a Meeting to Review the Supply and Demand Situation of Agricultural and Food Products

The government expects the price increase trend of certain vegetables such as radish and onion to continue next month, and has decided to release stockpiled quantities into wholesale markets and increase imported supply.

On the 9th, the Ministry of Agriculture, Food and Rural Affairs held a meeting to review the supply and demand situation of agricultural and food products at the Government Complex Sejong, chaired by Vice Minister Kim In-jung.

This meeting was convened to check the supply and demand situation in the agricultural and food sector, as prices of some vegetables such as radish and onion are showing strength and dining-out prices remain high, and to seek measures to stabilize supply and demand by listening to opinions from the distribution industry and other field stakeholders.

Prices of agricultural products, which had been strong due to winter cold waves and lack of sunlight, are generally declining and showing a downward stabilization trend. The Ministry of Agriculture, Food and Rural Affairs forecasts that the stabilization will continue after May as supply conditions improve with rising temperatures and spring season shipments.

However, some items such as radish, onion, and potato, whose stockpiled quantities have decreased, are expected to maintain strong prices until June when spring season shipments begin in earnest.

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Accordingly, to stabilize supply and demand, the Ministry of Agriculture, Food and Rural Affairs decided to release government stockpiles into wholesale markets (5,800 tons of radish, 8,200 tons of napa cabbage, etc.) and supply directly to large supermarkets. They also plan to promote measures to expand imported supply through tariff quotas and other means.

Livestock products are showing price stability centered on Korean beef and eggs. The Ministry will continue to implement supply stabilization measures such as discount events using livestock industry funds. They will also continue to support funds necessary for additional broiler stocking and flexibly adjust supply volumes through tariff quota management (30,000 tons of chicken in May and June).

Regarding sugar, whose international price is at the highest level since October 2011, monitoring of domestic and international markets will be strengthened, and close communication with the industry will be maintained. Support for diversifying import sources of raw sugar, the raw material for sugar, will also be considered.

The dining-out consumer price inflation rate, after peaking at 9.0% in September 2022 and declining for six months, rose again from 7.4% in March to 7.6% in April. To stabilize dining-out prices, the Ministry will continue to request preemptive cooperation for price stabilization through communication with the industry, extend tariff quotas on major food ingredients such as coffee green beans and cooking oil, improve foreign labor employment regulations such as allowing restaurant kitchen assistants under the Overseas Koreans (F-4) visa, and continue to pursue tasks to alleviate the industry's management burden, such as raising the input tax credit rate.

Vice Minister Kim In-jung of the Ministry of Agriculture, Food and Rural Affairs said, "Although agricultural and food prices remained relatively stable in April, there is a possibility of fluctuations due to reduced agricultural and livestock production caused by adverse weather, rising international prices of food raw materials such as sugar, and increases in public utility charges and labor costs. We will do our best to stabilize agricultural and food prices by expanding agricultural and livestock supply, continuing consumer price discount support, and making efforts to support tax benefits and resolve difficulties for the food and dining industries."

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