Market Information > Food News Clipping
Food News Clipping
June 10 - 16, 2021
FAS/Seoul Monitoring of Media Reporting on Agricultural Issues
Today's Date: Monday, June 21, 2021
For Coverage: June 10 ~ 16, 2021
Restaurants Increase Price of Cold Noodle as Buckwheat Price Soars
Summary: Leading cold noodle ('Neng Myoun' in Korean) restaurants in Seoul have increased prices by 1,000 won (about $0.9 USD) per serving recently. Restaurants said that increased ingredient costs, particularly buckwheat flower, was the reason. The wholesale market price of local origin buckwheat flour was 8,500 won ($8 USD) per kilogram in June this year, up 21 percent from the same season last year. Reduced harvest last year due to an extended monsoon season drove up prices. The price of imported buckwheat flour increased 36 percent this year to 4,020 won ($3.6 USD) per kilogram on average. Reduced harvests in major export countries, including the U.S., China and Mongolia drove up prices.
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Strawberry Exports $46 Million by May This Year, 25% Year-On-Year Increase
Summary: Despite the ongoing pandemic, strawberry exports from South Korea (Jan – May 2021) ha increased 25% from last year. According to the Ministry of Agriculture, Food, and Rural Affairs (MAFRA), Korean strawberry industry has expanded its market in Hong Kong, Singapore Thailand, and Vietnam. take up 92.6% of the total strawberry market in Vietnam. ain strategy from the Korean strawberry industry is premiumization, such as improving the packaging’s and applying new technology. MAFRA has set annual exports goal $62 million.
Imports of Japanese Live Fish Surge … Japanese Suppliers Offer Low Price for Weak Demand from Olympic Games
Summary: Korean imports of live fish from Japan amounted to a record high, 2,877 metric tons this year through April. Marketers forecast that the imports will likely set an annual high of over 8,000 metric tons this year. The reason for strong import growth is low prices offered by Japanese suppliers. The Japanese aquaculture industry increased supply of premium species, snappers in particular, in an expectation for strong demand for coming summer Olympic games in Japan. However, local demand in Japan did not increase as the Olympic games failed to stimulate the market. The wholesale market price for snappers in Korea plunged almost 60 percent this year due to the surge in imports from Japan. Many Korean aquaculture farms are facing serious financial challenges as they had to lower their prices to compete. Some imported Japanese fish are reportedly being sold as local fish. A market audit by the Korean government in April this year found 28 violations in country of origin labeling in local seafood restaurants in which Japanese fish were labeled as local origin fish.
The Third “Eggslut” Store Opens in Gangnam
Summary: Californian sandwich franchise “Eggslut” is opening its third store in Gangnam, one of the biggest and busiest districts in South Korea. Eggslut stores in Seoul are run by SPC Samlip, a leading processor in South Korea. Globally, Eggslut stores are in L.A., Las Vegas, Seoul, Tokyo, London, and Kuwait City.
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Agricultural Trade Office, U.S. Embassy - Seoul
Tel: 82-2-6951-6848 Fax: 82-2-720-7921