Choo Kyung-ho: "Discounts on Agricultural, Livestock, and Marine Products, Onnuri Gift Certificate Refunds Until Year-End"

Emergency Economic Ministers' Meeting and Price-Related Ministers' Meeting on the 5th
"Trend of Price Stability to Continue if No External Shocks"

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is delivering opening remarks at the Emergency Economic Ministers' Meeting and Price-Related Ministers' Meeting held at the Government Seoul Office in Jongno-gu, Seoul, on the 5th. Photo by Jo Yong-jun jun21@

Choo Kyung-ho, Deputy Prime Minister and Minister of Economy and Finance, announced on the 5th that the discount support for agricultural, livestock, and fishery products and the refund event for fishery Onnuri gift certificates, which were scheduled to end in early to mid-this month, will be extended until the end of the year using contingency funds.

At the Emergency Economic Ministers' Meeting and Price-Related Ministers' Meeting held at the Government Seoul Office Building on the same day, Deputy Prime Minister Choo said, “Given the continued uncertainties such as volatility in international oil prices and weather conditions, we will continue to operate the special price stabilization system and make every effort to stabilize prices and people's livelihoods.”

He emphasized, “Recently, although there is monthly volatility, the economic recovery trend centered on exports and manufacturing is gradually becoming visible. Regarding November exports announced last week, we achieved a triple plus with two consecutive months of export growth, six consecutive months of trade surplus, and a turnaround to increased semiconductor exports.”

Regarding the consumer price trend for November announced that day, he explained, “It recorded a sharp decline to 3.3% compared to October. Although prices temporarily rose due to the rebound in international oil prices and worsening weather conditions since July, international oil prices have stabilized since October, gasoline prices have fallen to early August levels, and major agricultural product prices have sharply declined due to improved supply and demand conditions compared to the previous month.”

Deputy Prime Minister Choo continued, “Core inflation, which shows the trend of price movement, continued to decline to 3.0%. While core inflation in the U.S. and Europe has decreased compared to before, it still remains at 4-5%, showing a much more stable appearance in Korea.” He added, “Unless there are additional external shocks, the trend of price stabilization is expected to continue.”

Meanwhile, Deputy Prime Minister Choo stated, “There is a balanced improvement trend across items and regions, so the export recovery is expected to continue. However, since domestic and international conditions are by no means easy, we will strengthen policy efforts to solidify the economic recovery centered on exports and ensure that the warmth of recovery spreads to all sectors of the economy.”

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