Why Did Chicken Egg Prices in South Korea Remain Low in Q1 of 2023, While the Majority of Countries Faced Surge?
Due to the outbreak of highly pathogenic avian influenza (AI) over the last winter, more than 140 million poultry has been killed between October 2021 and December 2022 which caused egg shortage and price increase globally. North America suffered a lot from avian flu. According to the U.S. Bureau of Labor Statistics data, the cost of eggs was up 209.8% YoY for producers in the 2022-23 marketing year. For consumers, there was a 70.1% increase in retail price over the past year. The Ministry of Agriculture, Food and Rural Affairs of the Republic of Korea recently announced comparing egg wholesale prices in selected countries. According to the Ministry, as of February in 2023 wholesale prices for a 30-egg bundle in the US were around 16,000 KRW (about 12.31 USD, as of March 29 2023), in Japan were 5,600 KRW (about 4.31 USD, as of March 29 2023) and in Europe were around 6,100 KRW (about 4.69 USD, as of March 29 2023). In South Korea, the price for a 30-egg bundle was 4,777 KRW (about 3.67 USD, as of March 29 2023) as of March 14, 2023.