Posted on March, 16, 2022 at 09:39 am
South Korea's import prices of grains have jumped nearly 50 percent over the past two years to a near nine-year high amid the prolonged coronavirus pandemic, data showed Wednesday.
Prices of imported grains came to US$386 per ton in February, up 26 percent from a year earlier and 47.4 percent from two years earlier, according to the data from the Korea Customs Service and industry sources.
The February per-ton import price represented the highest level since it reached $388 in May 2013.
Last month, Asia's fourth-largest economy imported 1.96 million tons of wheat, corn and other grains, which were valued at $758.3 million.
Import prices of grains hovered below the $300 mark in 2020, but they have been on a steady increase since breaking the $300 level a year earlier.
Industry watchers said international grain prices have been running high due to a pandemic-caused supply chain bottleneck and poor output in major grain-producing nations.
By grain, the per-ton import price of wheat stood at $369 in February, up 37.3 percent from a year earlier and 46.6 percent from two years earlier.
Import prices of corn surged 40.1 percent on-year to $335 last month, which was up 63.4 percent from the same month in 2020.
Soaring grain import prices have prompted local food companies to jack up their product prices, imposing a greater burden on consumers.
Analysts said the upturn in imported grain prices is expected to continue for the time being in the wake of Russia's invasion of Ukraine.
Source: YNA