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S.Korean Prices of Imported Farm Goods Decline in September

Sustainability Economics +3 more

SOUTH KOREA - Prices of imported farm goods in South Korea declined 7.5 per cent last month despite concerns that extreme weather conditions would bring about price hikes, customs office data showed.

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The import price index for agricultural, livestock and fishery products reached 112.5 in September, down 7.5 per cent from a year earlier, according to the Korea Customs Service (KCS). From a month before, the index retreated 1.4 per cent, reports YonhappNewsAgency.

The decline came as concerns remained over farm goods price hike caused by extreme weather conditions such as drought and flooding that swept over major farmlands around the global during the summer season.

Prices for imported agricultural products tumbled 8.6 per cent in September from a year before. Prices for major seasoning vegetable showed a stable downward trend, but those for ginger, garlic and dried pepper rose sharply. Major grain prices trended down, but corn and kidney bean prices continued to rise last month.

Imported livestock product prices fell 3.8 per cent on-year in September. Chicken prices showed an upward trend, but beef and pork prices slid last month.

Prices for fishery products tumbled 10.8 per cent on-year in September. Prices of major products such as sea bass, snow crab and frozen scallop kept its downward trend last month, but loach and froze mackerel prices rose on an on-year basis.

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