Daijiworld Media Network - Seoul

Seoul, Dec 21: South Korea has experienced significant increases in the prices of imported agricultural goods in recent years, with the rise outpacing global price trends due to the weakening of the Korean won against the US dollar, according to data released by the Bank of Korea.

The import price index for coffee, for example, stood at 307.12 in U.S. dollar terms and 379.71 in Korean won terms in November, using 2020 as the base year. While global coffee prices have roughly tripled over the past five years, prices in Korean won have nearly quadrupled.

Imported beef has risen 30 percent in dollar terms but jumped 60.6 percent when measured in Korean won. Similarly, imported pork increased 5.5 percent in dollars but surged 30.5 percent in won terms. Even imported fresh seafood, which fell 11 percent in dollar terms, rose 10 percent in won terms, highlighting the impact of currency depreciation.

The Korean won has weakened steadily over the period, trading around 1,100 per dollar in 2021, rising into the upper 1,200s in 2022, and averaging 1,450 won per dollar in the fourth quarter of 2025.

Choi Chul, a professor of consumer economics at Sookmyung Women's University, noted that South Korea imports many raw materials, including sugar and flour. Combined with rising domestic agricultural prices due to climate change, the depreciation of the won is expected to push up overall food prices, including processed goods.