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Korean consumers are found to pay more for some agro and livestock products such as pork, garlic, and beef in particular compared to those in other major nations.
The Korea Consumer Agency (President: Kim Young-seen, www.kca.go.kr) found the result after conducting a survey on price gap for 22 daily necessities between domestic market and foreign market in 11 nations including G7 member nations and major Asian nations during Feb. 21st ~ 25th (5-day-long).
The Survey found that price of 12 products out of 22 necessaries was more expensive than average price of the products in the foreign market. In particular, the item Korean consumers pay the most was pork (+104%), followed by garlic (70%), beef (+56%), jeans (24%), snacks (+17%), powdered milk (+8%), sanitary pads (+6%), diesel (+4%), detergent, and gasoline (+2%). Meanwhile, price for necessaries such as flour (-42%), kerosene (-19%), onions (-17%), and sugar (-16%) was found to be relatively cheap.
Reasons for the price difference between at home and abroad were distinct by item. Yet, the distinction seems to be attributable to distribution structure, productivity, and difference in consumer preference. Also, factor such as short supply due to change in circumstances at home such as supply cold weather, massive outbreak of foot and mouth disease might have been one of leading causes for the difference.
For products with higher price compared to international market price, the KCA is going to provide price information through its T-price, a portal site providing price comparison information on necessities goods and also make a suggestion for improvement to relevant government ministries such as the Korea Fair Trade Commission.
Meanwhile, from the second quarter, the Agency is going to strengthen its support for the Pan Government’s measures for price stabilization for the stabilization of the people´s livelihood by conducting a price difference survey on 50 necessaries between at home and abroad by adding 28 items to its survey target list.
Date of News Report Release : March 30, 2011
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