Apples down 12.1%, pears 8.2%; hanwoo tenderloin up 13.8%, samgyeopsal up 12.0%

A traditional market in Seoul on Sunday. With chuseok two weeks away, prices for major agricultural products such as apples and pears are lower than last year, while livestock prices remain elevated. [Yonhap]
A traditional market in Seoul on Sunday. With chuseok two weeks away, prices for major agricultural products such as apples and pears are lower than last year, while livestock prices remain elevated. [Yonhap]

With chuseok two weeks away, prices for major agricultural products such as apples and pears have fallen below last year's levels, while livestock prices for hanwoo beef and pork remain high. The government is moving to manage holiday inflation through expanded supply and discount support for seasonal goods.

According to the Korea Agro-Fisheries and Food Trade Corporation, the Korea Institute for Animal Products Quality Evaluation and the National Forestry Cooperative Federation, the retail price of apples (Hongro variety, standard grade) stood at 22,976 won ($17) for 10 as of Friday, down 12.1 percent from a year earlier. Pears (Wonhwang variety, standard grade) were 25,833 won for 10, down 8.2 percent.

The Korea Rural Economic Institute attributed the price declines to higher output. Apple shipments during the chuseok peak season are forecast to rise 19.3 percent from a year ago, with pears up 6.5 percent.

Napa cabbage was 5,647 won per head, down 12.9 percent from a year earlier. However, it has risen 14.9 percent from a month ago, reflecting a recent upward trend.

Radishes were 2,245 won each, up 9.0 percent from a year ago. "Cabbage and radish prices are rising due to poor growing conditions recently," a Ministry of Agriculture, Food and Rural Affairs official said. "We expect cabbage prices to remain largely stable given sufficient government stockpiles, but radish prices could rise further and we are monitoring the situation closely."

Onions were 1,815 won per kilogram and garlic 10,615 won, down 9.8 percent and 0.1 percent respectively from a year earlier. With harvests complete and storage supplies ample, prices for both are expected to remain stable through chuseok.

Zucchini, by contrast, surged 66.7 percent from a year ago to 2,571 won each, and was up 72.3 percent from a month earlier. Heavy rains late last month reduced sunlight and cut production.

"Zucchini prices rose due to poor crop conditions, but wholesale and retail prices have recently been trending down," an agriculture ministry official said. "We expect prices to ease by the time people are preparing holiday pancakes."

Livestock prices were broadly higher than a year ago. Hanwoo tenderloin was 15,346 won per 100 grams, up 13.8 percent from a year earlier, while sirloin rose 2.8 percent. A sustained decline in the number of hanwoo cattle being raised has pushed prices higher.

Pork samgyeopsal was 3,012 won per 100 grams, up 12.0 percent from a year ago, while pork neck was 2,809 won, up 11.0 percent. The number of pigs slaughtered this month is similar to last year's level, but demand has shifted toward pork as hanwoo prices have climbed.

A tray of 30 large eggs was 7,166 won, up 5.8 percent from a year earlier. Prices stayed elevated through the summer following culling of laying hens due to highly pathogenic avian influenza, but have been falling as production recovers. Chicken was 5,726 won per kilogram, down 4.5 percent from a year ago.

"Large egg prices have fallen considerably of late, and extra-large eggs are about 5 percent cheaper than last year," an agriculture ministry official said. "Prices are gradually declining, so the burden on consumers should not increase significantly."

Forest products — chestnuts and jujubes, both premium grade — were 9,500 won and 22,780 won per kilogram respectively, roughly in line with last year.

Seafood prices were also broadly stable. As of Thursday, domestic salted mackerel was 5,184 won per pair, down 24.6 percent from a year earlier, while refrigerated hairtail (medium) was 7,122 won each, down 1.8 percent.

Frozen yellow croaker (medium) was 1,731 won each, down 21.9 percent from a year ago, and frozen pollock (large) was 3,932 won, down 0.2 percent. Dried anchovies were roughly flat from a year earlier. Frozen squid (medium) was 4,842 won each, up 1.8 percent from a year ago.

The government plans to expand supply and discount support for seasonal goods ahead of chuseok. The Ministry of Agriculture, Food and Rural Affairs said it will supply 163,000 tons of seasonal goods — about 1.6 times the normal supply level — and will commit 59 billion won ($44.1 million) through Sept. 23 to offer discounts of up to 40 percent across all agricultural and livestock product categories, the largest chuseok-season subsidy on record.

The Ministry of Oceans and Fisheries will also operate a chuseok seafood price monitoring center to track price trends and release a record 22,000 tons of stockpiled seafood onto the market.


quq@heraldcorp.com