Continuous Increase in Agricultural Products Online Wholesale Market Transaction Volume... Shipping and Wholesale Costs Reduced by 9.9%

The online wholesale market for agricultural products, launched last November, has shown steady growth. As the distribution stages through the online wholesale market have been reduced, logistics costs have also significantly decreased. The government expects the online wholesale market to contribute to price stabilization as well.

On the afternoon of the 21st, Song Miryeong, Minister of Agriculture, Food and Rural Affairs, visited the agricultural products online wholesale market control room located in Yangjae-dong, Seoul, to inspect the market operation status and listen to opinions from on-site officials and experts.

Song Mi-ryeong, Minister of Agriculture, Food and Rural Affairs, is speaking during her visit to the control room of the online agricultural products wholesale market located in Yangjae-dong, Seoul, on the afternoon of the 21st.

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The Ministry of Agriculture, Food and Rural Affairs has been operating a nationwide online wholesale market since November 30 last year, allowing any sellers and buyers who meet certain requirements to participate, in order to fundamentally resolve the structural competition limitations and logistics inefficiencies of existing wholesale markets.

An official from the Ministry said, "Various cases have appeared where distribution stages were shortened and logistics costs reduced, and transaction analysis confirmed effects such as increased farm gate prices and reduced distribution costs. We expect that as the transaction scale grows, it will significantly contribute to price stabilization." According to the Ministry, compared to the existing wholesale market route, farm gate prices increased by 4.3%, and shipping and wholesale stage costs decreased by 9.9%.

The cumulative transaction volume of the online wholesale market has steadily increased, reaching 17.2 billion KRW (5600 tons), with an average daily transaction amount of 212 million KRW.

Minister Song stated, "In the current situation where agricultural product prices remain high, the significance of the online wholesale market, which can shorten distribution stages, will become even greater. We will focus our policy efforts on early activation to achieve this year's transaction amount target of 500 billion KRW, reduce distribution costs, and ensure that the benefits return to farmers, consumers, and distributors alike."

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