Prices of imported agricultural goods rise amid strong US dollar in S. Korea
The prices of major imported agricultural goods in South Korea have risen sharply in recent years, outpacing global price increases due to the weakening of the South Korean won against the US dollar, data showed on Sunday.
According to the Bank of Korea, the import price index for coffee came to 307.12 in November in U.S. dollar terms and 379.71 in Korean won terms, with 2020 set as the base year at 100, reports Yonhap news agency.
The figures indicate that global coffee prices have risen about threefold over the past five years but increased nearly fourfold when converted into the Korean won.
The data showed that the price of imported beef increased 30 percent over the period in U.S. dollar terms but surged 60.6 percent in Korean won terms.
Over the same period, the price of imported pork rose 5.5 percent in U.S. dollar terms but jumped 30.5 percent in Korean won terms
The Korean won traded at around the 1,100-won level in 2021 before weakening into the upper 1,200-won range in 2022. In the fourth quarter of 2025, the average exchange rate stood at 1,450 won per dollar.
The price of imported fresh seafood fell 11 percent in terms of U.S. dollars but rose 10 percent in Korean won, reflecting the impact of currency depreciation, the data also showed.
South Korea imports a lot of raw materials, such as sugar and flour, said Choi Chul, a professor of consumer economics at Sookmyung Women's University.
As the price of domestically produced (agricultural products) are rising due to climate change, a hike in imported goods due to the foreign exchange rate will push up overall food prices, including processed products, Chul added.
