Ministry of Agriculture, Food and Rural Affairs in Sejong City. [Photo by Yoo Dae-gil]
The South Korean government has decided to increase this year's onion purchase stockpile to 20,000 tons, an 82% increase compared to the average in previous years, in an effort to stabilize onion prices.
On June 4, the Ministry of Agriculture, Food and Rural Affairs announced a plan to stabilize the supply of mid-late season onions. According to the Korea Agro-Fisheries & Food Trade Corporation (aT) and the Agricultural Products Distribution Information (KAMIS), the average consumer price for onions was 1,822 won per kilogram as of June 2, reflecting a 9.4% decrease compared to the previous year.
The drop in onion prices is attributed to favorable growing conditions, which have led to an increase in mid-late season onion production. The yield per 10 ares is expected to rise by 12% compared to the average, resulting in an estimated production increase of 41,000 tons, totaling 1,088,000 tons.
To prevent a flood of onions hitting the market during the harvest season, the government plans to purchase and stockpile 20,000 tons of mid-late season onions. Additionally, it will support local agricultural cooperatives to expand their purchasing capabilities through interest-free loans.
The government, along with local governments in major onion-producing areas, will also implement swift measures to halt the distribution of excess supply. Furthermore, onion producer organizations will ensure that low-quality onions do not enter the market indiscriminately.
To promote onion consumption, discounts of up to 40% will be offered at large and small supermarkets and traditional markets until early this month.
Seo Jun-han, the Director of Distribution and Consumption Policy at the Ministry of Agriculture, Food and Rural Affairs, stated, "We will work closely with local governments, agricultural cooperatives, and producer organizations to ensure that supply and demand measures are implemented swiftly, so producers do not face difficulties."
On June 4, the Ministry of Agriculture, Food and Rural Affairs announced a plan to stabilize the supply of mid-late season onions. According to the Korea Agro-Fisheries & Food Trade Corporation (aT) and the Agricultural Products Distribution Information (KAMIS), the average consumer price for onions was 1,822 won per kilogram as of June 2, reflecting a 9.4% decrease compared to the previous year.
The drop in onion prices is attributed to favorable growing conditions, which have led to an increase in mid-late season onion production. The yield per 10 ares is expected to rise by 12% compared to the average, resulting in an estimated production increase of 41,000 tons, totaling 1,088,000 tons.
To prevent a flood of onions hitting the market during the harvest season, the government plans to purchase and stockpile 20,000 tons of mid-late season onions. Additionally, it will support local agricultural cooperatives to expand their purchasing capabilities through interest-free loans.
The government, along with local governments in major onion-producing areas, will also implement swift measures to halt the distribution of excess supply. Furthermore, onion producer organizations will ensure that low-quality onions do not enter the market indiscriminately.
To promote onion consumption, discounts of up to 40% will be offered at large and small supermarkets and traditional markets until early this month.
Seo Jun-han, the Director of Distribution and Consumption Policy at the Ministry of Agriculture, Food and Rural Affairs, stated, "We will work closely with local governments, agricultural cooperatives, and producer organizations to ensure that supply and demand measures are implemented swiftly, so producers do not face difficulties."
* This article has been translated by AI.
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