Ministry of Agriculture, Food and Rural Affairs in Sejong City. [Photo by Yoo Dae-gil]
As egg prices continue to soar, the South Korean government has decided to officially import fresh eggs from the United States starting this week. If prices do not stabilize, the government plans to consider additional imports of fresh eggs from the U.S. and Thailand.
On May 11, the Ministry of Agriculture, Food and Rural Affairs held its 17th supply and demand situation meeting, chaired by Park Jeong-hoon, head of the Food Policy Office, to discuss response measures.
The government is particularly concerned about livestock products, which have seen high prices due to outbreaks of livestock diseases and decreased supply. According to the Livestock Products Quality Assessment Corporation, the price of eggs has risen to 7,380 won per carton, a 6.2% increase from a year ago, while chicken prices have increased by 16% to 6,607 won per kilogram.
In response, the government is implementing discount support for eggs and chicken. To prepare for increased demand during the summer peak season, the government will also import broiler breeding eggs from Belgium in addition to Spain to ensure a swift supply.
Additionally, the government is utilizing self-help funds to offer discounts on Korean beef and pork. Beef cuts and stews are discounted by up to 50% until May 10, while pork belly and neck will see similar discounts until May 31. Collaborations with producer groups will also expand the volume of pork available in wholesale markets.
While there are factors contributing to price increases for processed foods due to the impact of the Middle East conflict, any additional price hikes have been limited so far. However, the government plans to continue providing financial support to alleviate the burden of raw material purchases in anticipation of potential price increases after the local elections.
Park Jeong-hoon stated, "Given the recent changes in external conditions, market uncertainties are increasing. We will closely monitor the supply and demand situation of key products and respond proactively."
On May 11, the Ministry of Agriculture, Food and Rural Affairs held its 17th supply and demand situation meeting, chaired by Park Jeong-hoon, head of the Food Policy Office, to discuss response measures.
The government is particularly concerned about livestock products, which have seen high prices due to outbreaks of livestock diseases and decreased supply. According to the Livestock Products Quality Assessment Corporation, the price of eggs has risen to 7,380 won per carton, a 6.2% increase from a year ago, while chicken prices have increased by 16% to 6,607 won per kilogram.
In response, the government is implementing discount support for eggs and chicken. To prepare for increased demand during the summer peak season, the government will also import broiler breeding eggs from Belgium in addition to Spain to ensure a swift supply.
Additionally, the government is utilizing self-help funds to offer discounts on Korean beef and pork. Beef cuts and stews are discounted by up to 50% until May 10, while pork belly and neck will see similar discounts until May 31. Collaborations with producer groups will also expand the volume of pork available in wholesale markets.
While there are factors contributing to price increases for processed foods due to the impact of the Middle East conflict, any additional price hikes have been limited so far. However, the government plans to continue providing financial support to alleviate the burden of raw material purchases in anticipation of potential price increases after the local elections.
Park Jeong-hoon stated, "Given the recent changes in external conditions, market uncertainties are increasing. We will closely monitor the supply and demand situation of key products and respond proactively."
* This article has been translated by AI.
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