April 28, 2021

 

South Korea plans to import more eggs to stabilise surging egg prices


 

South Korea's Ministry of Economy and Finance said the country plans to import more eggs in April to stabilise surging egg prices caused by a major bird flu outbreak over the past months, Yonhap News Agency reported.

 

South Korea will increase its egg imports from 25 million to 40 million, and will push to increase egg imports in May. It will also takes steps to curb egg prices as total inflationary pressure builds up.
 

Since late January this year, South Korea has imported about 64 million eggs to ease an egg supply shortage. Domestic egg prices have surged in recent months as the recent bird flu outbreak affected chicken farms since last November.
 

The number of layer chickens have dropped to its lowest in more than three years in the first quarter of 2021 due to culling of poultry to prevent the spread of the disease.

 
The ministry said prices for eggs have slowed after mid-February's Lunar New Year holiday thanks to boosted egg imports, but remain 38% higher compared to an average year for eggs.

 
On January 28, South Korea announced a temporary tariff suspension on egg imports. Local companies are permitted to import 50,000 tonnes of fresh eggs and seven other types of egg products without tariffs until June 30 this year.

 

- Yonhap News Agency