NongHyup said on the 9th that wholesale prices for onions have recovered to the 1,000 won per kg range thanks to supply-demand stabilization measures carried out in cooperation with the government.

According to NongHyup, the wholesale price for top-grade onions at Garak Market fell to an average of 570 won per kg in May. However, on the 8th after the latest supply-demand stabilization measures, it rose to 1,022 won.

Kang Ho-dong, head of the National Agricultural Cooperative Federation, inspects onion shipments and auction prices at the NongHyup Gangseo Wholesale Market in Gangseo District, Seoul, on the 7th. /Courtesy of Yonhap News

This year, onion prices fell sharply due to increased production and an accumulation of inventories of last year's stored onions.

Inventories of last year's stored onions reached 95,000 tons, exceeding the average inventory level of 81,000 tons.

In response, NongHyup, together with the government and local governments, pursued market isolation and shipment controls for early and mid-early varieties, and since last month when mid- and late-maturing onions began full-scale shipment, implemented a 88.2 billion won price recovery package.

NongHyup said it expanded overseas sales channels, including Taiwan, by supporting purchase and grading work in producing areas and by subsidizing export logistics costs.

In addition, NongHyup ran a consumer-promotion campaign at Hanaro Mart locations nationwide and also expanded military supply volumes and held events providing onion juice.

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