FAS/Seoul Monitoring of Media Reporting on Agricultural Issues 

Today's Date: Friday, September 27,  2024

For Coverage:  September  14 ~ 26, 2024

Korea’s First Agriculture-Focused Satellite To Be Launched In 2025
https://www.news1.kr/economy/trend/5548785
Summary:  The Ministry of Agriculture, Food and Rural Affairs (MAFRA) said that Korea’s first agriculture-focused satellite will be launched in the second half of next year.  The agriculture satellite has been jointly developed by the Korea Rural Development Administration, Korea Forest Service, and Korea Aerospace Administration since 2019 to observe agriculture and forest and respond to natural disasters such as flood and drought.  MAFRA believes that the agriculture satellite will provide quasi-real-time information on agricultural and forest conditions across the country, shifting from traditional sampling and visual surveys on major crops.

‘K-Food Plus’ Exports Exceed $8.4 Billion
https://www.news1.kr/economy/trend/5548824
Summary:  According to the Ministry of Agriculture, Food and Rural Affairs (MAFRA), ‘K-Food Plus’ exports reached $8.41 billion, up 5.1% compared to the previous year.  ‘K-Food Plus’ includes both agricultural food and its upstream and downstream supply chain in the food industry.  Out of these, agricultural food exports amounted to $6.48 billion, up 8.7% from a year ago, showing 12 consecutive months of growth.  This year, MAFRA is making efforts to expand smart farms overseas and prevent the production and distribution of counterfeit K-food products, with a target of $13.5 billion in exports this year.

Imported Chinese Cabbage To Be Supplied To Domestic Markets
https://www.news1.kr/economy/trend/5549039
Summary:  The Korean government has decided to supply imported Chinese cabbage from China to the retail market to stabilize cabbage prices as the cabbage harvest was significantly reduced due to the record heat wave this year.  Until now, Chinese cabbage has been distributed mainly to processors and restaurants considering the public preference for Chinese cabbage in Korea.  The retail price of domestic Korean cabbage soared to 9,321 won per cabbage, increased 50.5% compared to the previous year.  The Ministry of Agriculture, Food and Rural Affairs said that along with the supply of Chinese cabbage, cabbage prices are expected to stabilize as Korean cabbage shipment from lowland areas such as Pyeongchang, Danyang, and Jecheon, which are located below 600 meters above sea level, will be made to traditional markets, grocery stores, and general retail stores from October.

Delivery Sales Continue Despite Sluggish Economic Situation
https://www.sedaily.com/NewsView/2DECQ8HV7L
Summary:  Amid a sluggish economy and high costs of living, delivery sales in food services have shown positive performance during the first half of this year.  The segment with the highest share of delivery sales was fried chicken (45.32 percent) despite price increases from major chicken franchises.  According to data from Pinda, a fintech company, delivery sales, including both delivery and pick-up, totaled 7.8 trillion won during the first half of this year, up 6.55 percent from the same period last year.  The fast-food segment saw the largest increase at 22.72 percent, followed by bakery (15.51 percent) and fried chicken (10.50 percent) segments.  Nearly half of the sales in the fried chicken segment came from delivery (45.3 percent).  The fast food (36.6 percent) and fusion food (17.91 percent) segments followed.  When looking at regions, Seoul and the surrounding areas (Gyeonggi and Incheon) accounted for 62.8 percent of the total sales.  An associate from Pinda noted that these data can be useful for those who plan to open a food service business when determining their business location and food segment.

Sales In Convenience Stores Rank Second In The First Half
https://www.koreatimes.co.kr/www/tech/2024/09/419_382588.html
Summary:  According to the Ministry of Trade, Industry and Energy (MOTIE), sales at Korean convenience store chains ranked second among offline shopping outlets following department stores in the first half of this year.  The ratio of sales in convenience stores accounted for 16 percent in the same period following department stores’ 16.8 percent.  In terms of annual sales ratio, convenience stores exceeded large discount stores for the first time in 2021 and have maintained the second place since then.  MOTIE said that consumers spend less at department stores due to high interest rates and consumer prices, while sales at convenience stores are on the rise due to higher demand from single-person and two-person households.