Government to Release 24 Million Imported Eggs by End of This Month... Will Gold Eggs Prices Stabilize?

Kim Yong-beom, Deputy Minister of Economy and Finance, Chairs Meeting on Price Stability of Lunar New Year Seasonal Products with Related Agencies

Kim Yong-beom, the 1st Vice Minister of Strategy and Finance, speaking at the "Meeting of Related Agencies for Price Stabilization of Lunar New Year Seasonal Goods" at the Government Seoul Office Building on the 3rd. (Photo by Ministry of Strategy and Finance)

[Asia Economy Reporter Moon Chaeseok] The government plans to import approximately 24 million eggs by the end of this month to curb the recent surge in prices. With demand sharply increasing ahead of the Lunar New Year holiday and supply decreasing due to culling related to highly pathogenic avian influenza (AI), the price of eggs recently exceeded 7,300 won per tray (30 eggs, premium grade).

On the 3rd, Kim Yong-beom, the 1st Vice Minister of the Ministry of Economy and Finance, chaired a meeting with related agencies at the Government Seoul Office to stabilize prices of Lunar New Year seasonal goods, stating, "We will prepare measures to stabilize prices amid growing concerns over price instability for some items such as eggs, apples, and pears during the Lunar New Year holiday."

The meeting participants, including the Ministry of Economy and Finance, Ministry of Agriculture, Food and Rural Affairs, NongHyup, and Korea Agro-Fisheries & Food Trade Corporation (aT), agreed that stabilizing the cost of daily meals is of utmost importance.

First, the government will import about 20 million eggs by the 10th of this month, and approximately 24 million eggs from after the Lunar New Year until the end of the month. If the supply and demand conditions worsen due to the ongoing avian influenza (AI) outbreaks, additional imports will be pursued.

The participating agencies will form a public-private joint consultative body to closely inspect and manage the entire egg distribution process.

Apple supply will be increased by 2.1 times and pear supply by 1.9 times compared to normal periods. Private suppliers are being actively requested to release stored apples and pears to the market early.

To prepare for possible hoarding by some market participants, distribution inspections will continue. If necessary, the government plans to actively respond to market disruption by designating hoarding as a regulated offense.

Until the 14th, the government and local governments will jointly operate a 'Comprehensive Price Countermeasure Situation Room' to strengthen inspections against disruptions in distribution order. Additionally, 'Regional Price Stabilization Task Forces' involving consumer groups will be organized and operated by city, county, and district.