Temporary Increase of Kim Young-ran Act Gift Value to 200,000 KRW... Agricultural and Fisheries Cooperatives Promote Hanwoo Beef and Dried Yellow Corvina for Lunar New Year Sales

Major Promotional Campaign Launched in the Agriculture, Livestock, and Fisheries Industry

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[Sejong=Asia Economy Reporter Joo Sang-don] The National Agricultural Cooperative Federation and the National Federation of Fisheries Cooperatives are actively preparing and promoting gift sets of various price ranges, including Korean beef and dried yellow corvina, ahead of the Lunar New Year holiday. This follows the government's temporary increase of the gift limit for agricultural, livestock, and fishery products to 200,000 won for this Lunar New Year, continuing from last Chuseok.

Holiday gifts were previously limited to 100,000 won under the "Act on the Prohibition of Improper Solicitation and Graft" (Improper Solicitation and Graft Act), also known as the Kim Young-ran Act. The agriculture, livestock, and fishery industries have repeatedly requested an increase in the value limit during holidays, considering the difficulties faced by farmers, livestock producers, and fishermen. The Anti-Corruption and Civil Rights Commission decided last Chuseok to temporarily raise the limit from 100,000 won to 200,000 won. This year, on the 15th, the full committee again raised the gift value limit for the Lunar New Year to 200,000 won.

Accordingly, from the 19th until the 14th of next month, products processed using more than 50% agricultural and fishery raw materials such as Korean beef, fish, fruits, and flowers will not be subject to the Improper Solicitation and Graft Act up to 200,000 won.

With the gift value limit raised to 200,000 won, the National Federation of Fisheries Cooperatives is strengthening promotion of gift sets priced between 100,000 and 200,000 won sold on Suhyup Shopping. Previously, gift sets priced under 100,000 won were the main focus, but sales of gift sets over 100,000 won are expected to increase going forward.

In the case of dried yellow corvina, smaller, practical products are mainly consumed daily at home, with prices around 50,000 won, while larger, more commercially valuable products are priced relatively higher. This trend is similar for premium fish species such as abalone and tilefish, as well as popular fish like hairtail and dried squid, whose prices have continued to rise due to ongoing decreases in catch volume. For this Lunar New Year, the price of a gift set of 20 dried squids (one bundle) sold on Suhyup Shopping is 105,000 won, and hairtail prices range from 100,000 won to a maximum of 205,000 won depending on the size of the individual fish.

A Suhyup official said, "With the increase of the seafood gift limit to 200,000 won, the sales range has expanded especially for popular items whose prices have been continuously rising, such as dried yellow corvina, hairtail, and abalone," adding, "Fishermen who were worried about increasing inventory have been somewhat relieved."