The Namwon Agricultural Cooperative (Chairman Park Ki-yeol) and the NH Nonghyup Jeonbuk Headquarters (Director Lee Jeong-hwan) recently held an export ceremony for 240 tons of locally grown onions to Taiwan. This move comes as a proactive measure to stabilize domestic onion prices amid concerns of oversupply due to increased yields.
Oversupply Concerns and Price Stabilization Efforts
According to the Korea Rural Economic Institute (KREI), the cultivation area for mid-to-late-maturing onions decreased by 4% compared to last year. However, favorable weather conditions boosted yields by 7.5%, leading to a total production of 1.09 million tons—a 3.2% increase from last year’s 1.055 million tons. Without proper supply management, this surplus could drive prices down, hurting farmers’ profits.
Director Lee Jeong-hwan emphasized the challenges farmers face due to unpredictable weather patterns, including delayed growth and an unusually early monsoon. He stated, “We will continue expanding exports to stabilize supply and ensure farmers receive fair prices for their hard work.”
Expanding Global Markets for Quality Produce
Namwon’s high-quality onions are gaining international recognition, and Chairman Park Ki-yeol reaffirmed the cooperative’s commitment to promoting locally grown produce worldwide. Taiwan, a key importer of Korean agricultural goods, remains a strategic market for stabilizing domestic supply chains.
With climate variability affecting crop yields, proactive measures like export initiatives are crucial in maintaining price stability and protecting farmers’ livelihoods. The Namwon Cooperative’s efforts highlight the importance of diversifying markets while addressing domestic oversupply challenges.
