South Korea: All onion TRQ imports 110,000 tons, is there a place for domestic production?

Fresh Onion

Vegetables

South Korea

Published Jul 12, 2023

Tridge summary

The South Korean government plans to import 90,000 tons of fresh onions through tariff-rate quotas in order to stabilize prices in the market. This move raises concerns that the influx of Chinese onions will lead to market erosion. If all the planned imports are met, this year's total TRQ imports are expected to exceed 110,000 tons, further accelerating the market erosion caused by Chinese onions.

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Original content

In the second half of this year, the government announced that it would carry out tariff-rate quota (TRQ) imports of 90,000 tons of fresh onions for the purpose of stabilizing prices. If all the planned imports are met, this year's TRQ imports are expected to exceed 110,000 tons, raising concerns that the market erosion by Chinese onions will accelerate. ◆The government promotes 90,000 tons of onion TRQ import = The Ministry of Strategy and Finance announced the price stabilization policy for the second half of this year at the ‘27th Emergency Economy Vice Ministers Meeting’ held on the 7th. Bang Ki-seon, 1st Vice Minister of Strategy and Finance, who presided over the meeting, said, “We will continue efforts to stabilize prices by increasing the amount of onion TRQ so that price and employment stability can be further strengthened in the second half of the year.” The amount of fresh onion TRQ announced by the government on the day is 90,000 tons. Subsequently, on the 10th, the ...

Source: Nongmin