Market Information > Food News Clipping
Food News Clipping
August 9 - 13, 2021
FAS/Seoul Monitoring of Media Reporting on Agricultural Issues
Today's Date: Friday, August 13, 2021
For Coverage: August 9 ~ 13, 2021
Korean Snack Processors to
Summary: Leading Korean snack processors have increased prices recently or announced price increases in September due to increased ingredient costs. Haitai raised prices of its snacks in August by 10.8 percent on average. Lotte announced price increases from September 1 by 12.2 percent on average. Orion and other leading processors reportedly will soon announce similar level increases in their snack prices. Processors said that sharp increases in international grain prices were a key cause for their price increases.
Korean Government to Expand Ocean Freight Vessels and Air Freight Flights to Help Export Logistics
Summary: NK Hong, the Korean Prime Minister, announced after a cabinet meeting on August 12 that the government will implement extra emergency measures to help the Korean export sector ease the on-going challenges in international shipping. As part of the measures the government will introduce 13 new ocean freight vessels as early as August on routes to the United States and South Asian markets. The government will also introduce additional 104 air freight flights to the United States by national flag carriers during the second half of this year.
EMART Reports 13% Growth in Cash-register Sales in 2nd Quarter
Summary: EMART, a leading retail company in South Korea, reported on August 12 that its cash-register sales increased 13 percent to 5.8 trillion won ($5 billion) during the second quarter this year compared to the same period last year. Net profits increased 54 percent to 483 billion won ($420 million). EMART said the strong performance of the grocery division was a key driver for the outstanding business outcomes.
Coupang Reports 71% Growth in Cash-register Sales in 2nd Quarter
Summary: Coupang, the leading on-line retail platform in South Korea, reported that its cash-register sales increased 71 percent to 5.2 trillion won ($4.5 billion) during the second quarter this year compared to the same period last year. Coupang said that the strong increase in the number of consumers who shopped on the platform was the key driver for the outstanding outcome. According to Coupang, 17 million individual consumers shopped on the platform and each shopper spent $263 on average during the quarter, up sharply from 13 million individual shoppers and $194 in average spending in the same quarter last year. Despite the outstanding growth in sales, Coupang saw a $515 million operating loss during the quarter.
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