It was recently found that grain prices in major regions of North Korea have fallen significantly. These changes are occurring in many regions, including Pyongyang, Sariwon, Pyongseong, Chongjin, and Hamheung, and the decline in rice and corn prices was most noticeable.
According to NK Times coverage, the price of 1kg of rice in Pyongyang, Sariwon, Pyongsong, Chongjin, and Hamheung is trading at 5,900 won as of the 15th, up from 6,300 won in February. Compared to 6,300 won in mid-February, it fell 400 won. Corn also fell significantly from 3,300 won to 2,800 won per kg. On the other hand, the prices of whole barley and barley rice only fell relatively slightly, from 2,800 won to 2,600 won and 4,200 won to 4,000 won per 1 kg, respectively.
A similar trend was observed in Ryanggang Province, where grain prices were higher than those in major regions in North Korea. In Hyesan City, where the price per kg of rice rose up to 6,600 won last month, it fell to 6,000 won this month, and in Kim Jeong-suk-gun and Kim Hyeong-jik-gun, rice prices are being traded at 6,100 won and 6,200 won, respectively, down by 500 won on average.
Corn prices also fell from 3,450 won to 2,800 won per kg in Hyesan City, and from 3,550 won to 2,900 won and 3,600 won to 2,950 won in Kim Jeong-suk-gun and Kim Hyeong-jik-gun, respectively.
The reason for the significant drop in grain prices appears to have been influenced by changes in the supply situation of food and industrial products in North Korea, such as state-led smuggling activities and the resumption of formal trade.
In fact, NK Times’ Ryanggang Province source said in a phone call on the 15th, “In the case of Ryanggang Province, large quantities of food and industrial products have been brought in from China through state-led smuggling on several occasions since last month.” “As trade progresses, it appears to be a major factor in lowering grain prices in surrounding areas, including Ryanggang Province,” he said.
He continued, “When grain is brought in from outside, the price varies depending on the type and amount of grain. If a large amount is brought in, the price falls, and if a small amount is brought in, the price rises. Grain recently brought in from outside “It appears that the supply to the market, including this grain store, has had an impact on the decline in grain prices, but the biggest factor seems to be that the number of consumers has decreased significantly as the lives of residents have become more difficult,” he added.
***This article was translated by Google and may differ from the content of this article.
