Seoul Agro-Fisheries & Food Corporation Announces 2022 Garak Market Fresh Produce Transaction Performance Analysis Results

[Asia Economy Reporter Park Jong-il] Seoul Agro-Fisheries & Food Corporation (President Moon Young-pyo) revealed that the transaction volume of fresh produce at Garak Market in 2022 was 2.24 million tons, marking a 0.8% increase compared to the previous year and returning to an upward trend for the first time in five years since 2017.

The transaction amount of fresh produce at Garak Market in 2022 reached 5 trillion KRW, showing a 5.8% increase compared to the previous year.

Fruit transactions saw a 0.4% decrease in volume compared to the previous year, but the transaction amount increased by 4.4%. Vegetable transactions increased by 1.1% in volume and 6.5% in transaction amount compared to the previous year.

Among Garak Market wholesale market corporations, Seoul Cheonggwa and Nonghyup Garak (public) saw a decrease in transaction volume but an increase in transaction amount compared to the previous year. Meanwhile, Jungang Cheonggwa, Donghwa Cheonggwa, Hanguk Cheonggwa, Dae-a Cheonggwa, and exceptions to listing all showed increases in both transaction volume and amount compared to the previous year.

The top five fruit items by transaction volume at Garak Market were tomato, tangerine, banana, watermelon, and apple, while the top five by transaction amount were strawberry, tomato, grape, tangerine, and apple. For vegetables, the top five by transaction volume were onion, radish, napa cabbage, green onion, and cucumber, and the top five by transaction amount were green onion, garlic, mushroom, onion, and cucumber.

Imported agricultural products totaled 190,000 tons, accounting for about 8.5% of the total transaction volume. The volume of imported fruits decreased by 9.9% year-on-year to 96,000 tons, with major imported fruits such as banana, orange, and grape seeing reduced imports. Imported vegetable volume increased by 19.1% year-on-year to 95,000 tons, with major imported vegetables such as carrot, onion, and garlic seeing increased imports.

Meanwhile, the compound annual growth rate (CAGR) of Garak Market fresh produce from 2018 to 2022 was 4.3% for total transaction amount, 4.6% for fruits, and 4.2% for vegetables. For transaction volume, the CAGR was -1.2% overall, -2.6% for fruits, and 0.8% for vegetables. The corporation plans to strengthen efforts to attract volume, including expanding shipment incentives, to increase transaction volume.