FAS/Seoul Monitoring of Media Reporting on Agricultural Issues 

Today's Date: Friday, August  16,  2024

For Coverage:  August  9 ~ 15, 2024

Severe Floods in North Korea Could Cut Its 2024 Crop Output
https://www.koreatimes.co.kr/www/nation/2024/08/103_380552.html
Summary:  The Food and Agriculture Organization (FAO) said, on August 14, that North Korea’s crop output for this year could be degraded by severe floods from the latest heavy rains and a possible increase in pest infestations.  According to the FAO, the above-average rainfall and temperatures in North Korea are expected between August and October this year, causing significant agricultural damage and the increased risk of pest and disease infestations.  The FAO also added that the North Korea’s crop production is estimated to account for 4.82 million tons in 2023, increased by 310,000 tons compared to the previous year, but it was still below 5.76 million tons, the annual amount that the North Korea needs to feed its people.

More Koreans Opt for Home-cooked Samgyetang Amid Rising Prices
https://www.koreaherald.com/view.php?ud=20240813050709
Summary:  Amid record hot summer weather and soaring consumer prices, more Koreans are choosing to enjoy samgyetang (chicken soup with ginseng) at home using convenient home meal replacements (HMRs).  According to the Korea Consumer Agency, the average price of samgyetang at restaurants in Seoul has risen to 16,885 won ($12.32) this year, a 2.8% increase from 16,423 won last year.  In 2015, it costed 13,591 won, however, following the end of the pandemic, prices have surged past 16,000 won, causing consumers to increasingly turn to HMRs for the traditional healthy soup at home without the need for lengthy preparation or specialized cooking skills.  For instance, Shinsegae Food reported a 270% increase in sales of its ready-to-eat samgyetang product in July and Ottogi also saw a 24% growth in sales during the first half of this year.

South Korea Opens Export of Heat-treated Chicken Products to Britain
https://www.koreaherald.com/view.php?ud=20240814050145
Summary:  On August 13, the Korean government announced the opening of exports for heat-treated chicken products, such as frozen chicken, dumplings and the ginseng chicken soup (samgyetang) to Britain.  This strategic initiative marks a pivotal entry into the British market, the second-largest economy in Europe, following the successful negotiation of an export sanitary and quarantine agreement for such products with the European Union (UN) in December of the previous year.  Korea’s agriculture minister said that starting with samgyetang, which was exported to the EU for the first time in May this year, they will actively support online and offline promotions so that Korean foods including frozen chicken, chicken dumplings and chicken ham can be widely spread.

Specter of ‘heatflation’ Grips Korea
https://www.koreatimes.co.kr/www/biz/2024/08/175_380223.html
Summary:  Korean market watchers said that scorching summer heat-induced price hikes of fresh agricultural food are expected to accelerate heatflation, a compound word of heat and inflation.  The most notable price hikes will be for kimchi, a Korean staple, as well as meat, fruit and vegetables.  According to the Korea Agro-Fisheries and Food Trade Corp. (aT), one cabbage retailed for 5,515 won ($3.99), up over 30% from the previous month.  A radish was traded at 3,030 won, up nearly 30% from a month earlier and watermelon was traded at a wholesale price of 27,230 won in the first week of August, up 51.4% from the seasonal average price.  The Korea Meteorological Administration says that tropical nights will continue long after National Liberation Day on August 15.

Mandatory Nutritional Labeling to Be Expanded to 259 Items
http://www.foodnews.co.kr/news/articleView.html?idxno=109348
Summary:  Nutritional labeling for processed foods, which was previously applied to 182 items, will be expanded to 259 items.  Nutritional labeling becomes mandatory for all processed foods except for 30 items with a low nutrition content or technical limitations such as ice, chewing gum, and infused tea.  The Ministry of Food and Drug Safety (MFDS) announced on August 8 that this mandatory nutritional labeling will be phased in from 2026 to 2028, depending upon the company’s sales.  The object of the current nutritional labeling system has been expanded to 182 food items since the first introduction in 1995, reflecting consumers’ interest and needs, and the nutritional labeling system of foreign countries.  In addition, the warning label of high caffeine content, which was previously indicated on liquid foods, will be expanded to ‘solid foods containing guarana,’ to prevent over-consumption of caffeine by adolescents.  As for information on sweeteners, such as sugar alcohol, it will be also expanded to ‘products with the 10% sugar alcohol content or more,’ while it was previously indicated on products that only used sugar alcohol as the main raw ingredient.

Korean Government to Enhance Price Monitoring
https://www.koreatimes.co.kr/www/biz/2024/08/488_380274.html
Summary:  The Korea finance ministry said that it will strengthen the monitoring of the prices of major agricultural products in an effort to curb inflation.  Korea’s inflation gained momentum in July on the high prices of fruits and vegetables due to the monsoon rainy season and heat wave, though prices are relatively stable compared to last year.  The government plans to extend supplies of napa cabbage, one of the key vegetables in Korea, to help lower rising prices and to provide various supports for cabbage farms due to unusual weather conditions.