October 19, 2012

Prices of South Korea's imported farm product declined in September

Prices for farm goods imports, including agricultural, livestock and fishery products, in South Korea dropped 7.5% in September 2012 despite concerns that serious weather conditions may cause price hikes.

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

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% in September from a year before. Major grain prices trended down, but corn and kidney bean prices continued to rise last month.

Imported livestock product prices fell 3.8% 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% 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.