Average Daily Transaction Amount: 1.84 Billion Won to 3.26 Billion Won
Participating Companies: 3,804 to 5,272
Ministry of Agriculture, Food and Rural Affairs: "Competitiveness Proven in the Market"
The transaction volume of the 'Online Wholesale Market for Agricultural and Marine Products,' which enables real-time trading of agricultural and marine products without restrictions on time or location, has surpassed 1 trillion won. This achievement is attributed to an increase in both the average daily transaction amount and the number of participating companies and users. The government plans to raise the transaction volume to 7 trillion won by 2030.
According to the Ministry of Agriculture, Food and Rural Affairs, as of November 3, the annual transaction volume of the Online Wholesale Market for Agricultural and Marine Products has exceeded 1 trillion won. This is approximately 2.9 times greater than the same period last year (339.2 billion won). The ministry expects that, if the current average daily transaction amount is maintained, the total transaction volume will reach about 1.17 trillion won by the end of the year.
An official from the Ministry of Agriculture, Food and Rural Affairs explained, "The online wholesale market is a platform where various stakeholders, including producers and consumers, can directly participate and trade in real time. Its key feature is that transactions can be conducted remotely, allowing participation without constraints of time or place. It also addresses the limitations of traditional wholesale markets, such as increased logistics costs due to multi-stage distribution structures and restricted competition."
The average daily transaction amount increased by 77%, from 1.84 billion won last year to 3.26 billion won this year. The number of participating companies also grew by 39% over the same period, from 3,804 to 5,272. By product category, fruits and vegetables accounted for the largest share at 46.4%, followed by livestock at 40.5%, grains at 8.2%, and marine products at 4.9%.
Notably, in the fruits and vegetables category, the proportion of 'direct transactions between producers and consumers' rose from 28% of the total transaction volume last year to 44.1% this year. The share of direct deliveries, which do not pass through wholesale markets, also increased from 65.7% to 75.9%. The ministry views these results as evidence that the competitiveness of the online wholesale market-such as reducing distribution stages in wholesale transactions, improving delivery efficiency, and enhancing price transparency-is being validated in the market.
Building on the achievement of surpassing 1 trillion won, the ministry plans to take another leap forward by aiming for a transaction volume of 7 trillion won by 2030. To this end, it will continue to enhance the online wholesale market system and logistics functions, including easing seller registration requirements, introducing auction and reverse auction features to strengthen farmers' price-setting power, operating joint collection centers, and establishing dedicated logistics systems.
Hong Ingi, Director General for Distribution and Consumption Policy at the Ministry of Agriculture, Food and Rural Affairs, stated, "We will ensure that transactions leading to tangible reductions in distribution costs are achieved by monitoring transaction performance, and we will establish a performance evaluation system for ongoing management. In addition, we will lay the foundation for professional management by market operators to enhance the expertise and accountability of market operations."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
