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South Korea sees more than 30 percent jump in prices for imported products in a year

South Korea sees more than 30 percent jump in prices for imported products in a year

South Korea recorded more than a 30% jump in prices for imported agricultural, livestock and fish products in a year, which led to an overall increase in consumer prices in the country as world demand returned to normal, data from the Korea Institute for the Promotion of Trade Statistics showed.According to the research institute, the import price index for agricultural, livestock and fish products in February reached 112.6, up 31.7% from a year earlier.South Korea recorded more than a 30% jump in prices for imported agricultural, livestock and fish products in a year, which led to an overall increase in consumer prices in the country as world demand returned to normal, data from the Korea Institute for the Promotion of Trade Statistics showed.

According to the research institute, the import price index for agricultural, livestock and fish products in February reached 112.6, up 31.7% from a year earlier.According to the Korea Herald, among cereals, prices for imported green beans rose by 68.1%, milling wheat by 58.4%, fodder corn by 52.4% and processing corn by by 42.3%. It is noted that the prices of wheat and corn directly affect consumer prices in general, since these crops are used as raw materials for various food products.Also, compared to February 2021, prices for fruits and a number of vegetables also increased. Prices for imported beef rose by 47-53%, chicken – by 47.5%, and pork – by 6.4%. Prices for fish products increased by 13.5%, for live fish – by 38.6%, for fresh fish – by 30%, and for frozen fish – by 8.8%.The overall rise in prices over the past year is mainly due to a sharp increase in global demand as the economy normalizes amid the pandemic. At the same time, according to expectations, in March, prices showed even greater growth against the backdrop of the crisis in Ukraine.In particular, salmon has risen in price, depending on the place of sale, the price jump has recently been approximately from 15% to 26%.

The ban on flights over Russian airspace is forcing carriers of Norwegian-farmed salmon to make a big detour to ship it to Asia. This leads to an increase in transport costs and, ultimately, to an increase in retail prices.Another long-term driver of high import prices is the weakening of the won against the US dollar. The dollar, which traded at 1,101.4 won on February 15, 2021, rose to 1,199.8 won on February 15, 2022. Since February 24, the dollar has continued to stay above 1,200 won.