In an effort to stabilize the supply and demand for onions and their prices in South Korea, the Korea Agro-Fisheries and Food Trade Corporation (aT) has initiated the export of 1,903 tons of onions to Asian countries, including Vietnam and Japan. This move comes after the government's proactive measure last year to purchase approximately 6,000 tons of onions to mitigate potential market price surges and supply-demand imbalances. With an anticipated increase in domestic onion cultivation this year and around 4,000 tons of the previously purchased onions still in storage, the decision to export a portion of these stockpiles was made. This strategy aims to balance the domestic onion market ahead of the arrival of early-maturing onions at the end of the month.
The export process began with a public auction held on the 21st of the previous month, resulting in three export companies being selected to ship the onions overseas, starting with Vietnam on the 23rd and extending to other Asian markets such as Japan and China. Following these shipments, about 2,000 tons of the government-purchased onions remain in storage. This initiative is part of a broader effort to ensure the stability of the domestic agricultural market while also generating foreign currency through the export of surplus produce. Furthermore, aT has committed to implementing additional measures, including promoting the release of onions for processing and direct consumption, to further support the equilibrium of supply and demand in the domestic onion market. As of the 25th of last month, the volume of fresh onions imported since January this year totaled approximately 7,513 tons.