Lee Yeon-woo is a financial journalist at The Korea Times. Her wide range of reporting includes policies, macroeconomics, stock market, companies and even crypto. She is passionate about connecting the dots in Korean finance and making it easier for foreign nationals to understand. Based on her previous experience as a national reporter, she also has a keen interest in social issues within the sector, including gender equality and ESG. Your tips and insights are always appreciated. You can send them to yanu@koreatimes.co.kr.
Eggflation hits home as US looks to import from Korea
A woman picks up a carton of eggs at a supermarket in Seoul, Monday. Yonhap
By Lee Yeon-woo
Egg prices in Korea surged by more than 10 percent in March due to increased domestic demand, data showed Monday. With the U.S. seeking to expand egg imports from Korea, consumers are concerned that prices may continue to rise.
According to the Korea Institute for Animal Products Quality Evaluation, the average wholesale price for 30 large eggs rose to 5,193 won ($3.54), as of last Friday, up 11.4 percent from 4,660 won a month ago.
The rise is attributed to more consumers turning to this relatively affordable source of protein amid declining consumer confidence, along with increased demand following the start of the new school semester.
Retail industry officials expect egg prices to gain upward momentum once U.S. egg exports fully ramp up.
U.S. Agriculture Secretary Brooke Rollins recently identified Korea, along with Turkey and Brazil, as key target markets for increased egg imports. The U.S. has reportedly requested to import around 100 million eggs per month from Korea through the end of this year.
On March 7, a farm in Asan, South Chungcheong Province, made its first shipment to the U.S., exporting 20 tons of eggs — equivalent to 330,000 eggs, or one container. On Thursday, a farm in Chungju, North Chungcheong Province, followed with a second shipment of the same volume.
The Ministry of Agriculture, Food and Rural Affairs sought to ease market anxiety, stating that egg production in Korea continues to rise, with monthly output expected to increase by more than 3 percent on average in the first half of 2025.
"In March, 40 tons of eggs exported to the U.S. by private companies accounted for 0.06 percent of the monthly average domestic production. We believe that the impact on domestic supply is expected to be minimal," it said in a statement. "We will continue to monitor and manage the egg supply to ensure a stable supply."