The prices of major imported agricultural goods in Korea have risen sharply in recent years, outpacing global increases due to the weakening Korean won against the US dollar. Bank of Korea data shows that items like coffee and beef have seen significant hikes in won terms. This trend is exacerbating food costs amid broader economic pressures.
The prices of major imported agricultural goods in Korea have surged in recent years, exceeding global rises due to the Korean won's depreciation against the US dollar. According to Bank of Korea data, the import price index for coffee reached 307.12 in US dollar terms and 379.71 in Korean won terms in November, with 2020 as the base year of 100. This reflects a nearly threefold global increase over five years, but almost fourfold in won terms.
Imported beef prices rose 30 percent in dollar terms but jumped 60.6 percent in won terms over the same period. Pork increased 5.5 percent in dollars yet 30.5 percent in won. Fresh seafood prices fell 11 percent in dollars but rose 10 percent in won, highlighting currency impacts.
The won traded around 1,100 to the dollar in 2021, weakening to the upper 1,200 range in 2022, and averaging 1,450 in the fourth quarter of 2025. This depreciation has driven up import costs.
Choi Chul, a professor of consumer economics at Sookmyung Women's University, noted that Korea imports many raw materials like sugar and flour. "As domestically produced agricultural products' prices 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," he said.
These trends are increasing burdens on Korean consumers' food expenses and are expected to affect the food industry, which relies heavily on imported raw materials.
