Emergency Agricultural and Food Supply Stability Meeting
Review of Urgent Agricultural and Livestock Price Stabilization Measures Implementation Status
In late March, the prices of apples and green onions fell by 16.3% and 37.6%, respectively. The government analyzed this as the effect of emergency price stabilization measures, including the release of stockpiled supplies, expansion of tariff quota supplies, support for delivery prices, and increased discount support.
On the morning of the 27th, the Ministry of Agriculture, Food and Rural Affairs announced that it held an 'Emergency Agricultural and Food Supply Stability Measures Meeting' at the Government Complex Sejong, chaired by Vice Minister Han Hoon.
This meeting was organized to review the progress of the emergency agricultural and livestock product price stabilization measures announced at the livelihood economy inspection meeting on the 18th, and to listen to field opinions and difficulties from related industries.
According to the Ministry of Agriculture, Food and Rural Affairs, the price of 10 Fuji apples was 24,528 won in late March, down 16.3% from the previous month. The price of 1 kg of green onions also dropped 37.6% to 2,729 won. In addition, consumer prices for napa cabbage (-4.0%), lettuce (-16.7%), spinach (-32.2%), cucumber (-34.9%), strawberries (-24.0%), pears (-6.1%), beef (-12.6%), and eggs (-10.9%) also showed a downward trend.
Citizens are shopping at Hanaro Mart Seongnam Branch in Seongnam, Gyeonggi-do. Photo by Jo Yongjun jun21@
Since the 18th, the government has expanded the target items from the original 13 to 21 and increased the support unit price by up to twice per item, operating flexibly according to supply and demand conditions and price situations for each item. Furthermore, from the 22nd, the support targets have been expanded from companies supplying agricultural products to large distribution companies (such as Nonghyup and agricultural corporations) to include small and medium-sized marts and online shopping mall suppliers trading through online wholesale market platforms.
To directly lower consumer prices, since the 18th, the discount rate of distribution companies nationwide?including large and small marts, Hanaro marts, eco-friendly stores, and online malls?has been increased from the previous 20% to 30%.
The Korea Agro-Fisheries & Food Trade Corporation (aT) has been directly importing bananas and oranges since the 21st and supplying them to distribution companies at prices 20% lower than the market price. The target items have been expanded to 11, and a total of 50,000 tons will be supplied at a discount until the end of June. Due to the impact of aT's direct import discount supply, the consumer price of bananas in late March fell 11.6% from the previous month to 296 won per 100g. Oranges (10 pieces) dropped 3.1% to 16,660 won compared to the previous month.
Vice Minister Han said, "The Ministry of Agriculture, Food and Rural Affairs will steadily implement emergency price stabilization measures to quickly stabilize the prices of the national grocery basket," and urged, "Let all economic actors, including the government, production, distribution, and food industries, join forces to realize sustainable production and consumption by maintaining appropriate levels of agricultural and livestock product prices."
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