Domestic Honey Prices Adjust to Compete with Imports
The Korea Beekeepers Association has recently set this year’s prices for natural honey, amidst a backdrop of reduced harvests and fierce competition from imported honey. The board’s decision reflects a strategic move to maintain market stability and support local beekeepers.
This year's honey production faced challenges, resulting in a harvest that did not match last year's yields. Consequently, the prices for domestic honey were adjusted downward to remain competitive. Flower honey is now priced at 3.3 million won per drum for grade 1+, with grades 1 and 2 set at 3 million won and 2.9 million won, respectively. Notably, the association decided to waive the economic business license fee this year, further reducing the effective prices.
Chestnut honey remains an exception to this trend, maintaining higher prices due to its recently discovered health benefits. Korean researchers have found that chestnut honey enhances innate immunity and suppresses viruses, driving up consumer demand and preventing price drops.
Despite these adjustments, the domestic honey market faces significant pressure from imported honey, particularly from China. As the world’s largest producer, China’s bumper harvest has led to natural honey being sold at approximately 8 yuan (KRW 1,500) per kilogram, posing a substantial threat to the price competitiveness of Korean honey.
An official from a beekeeping cooperative explained that the price reduction was a necessary measure to protect the domestic market and ensure competitiveness against imported honey. The lower production this year, exacerbated by abnormal weather conditions, required a balanced approach to pricing to sustain the industry.
The Korean beekeeping community and government are now urged to develop proactive strategies to support local beekeepers. These measures could include financial assistance, marketing initiatives to highlight the unique qualities of domestic honey, and efforts to improve production techniques.
In summary, while the adjustment in honey prices reflects a necessary step to remain competitive, it also underscores the urgent need for comprehensive support measures to sustain the domestic honey industry in the face of global market pressures.
The Korea Beekeepers Association has finalized this year’s prices for natural honey. Despite the lower harvest compared to last year, the overall price has been reduced to stay competitive with cheaper imported honey. Key points include:
- Flower honey is priced at 3.3 million won per drum for grade 1+, with grade 1 and 2 prices lowered.
- Economic business license fees have been waived, effectively reducing prices further.
- The price of chestnut honey remains high due to its newly discovered health benefits.
- The domestic market faces challenges from China's low-priced honey due to a bumper harvest.
- There are calls for government and industry measures to protect domestic beekeepers and enhance competitiveness.
FAQs
Why were honey prices reduced this year? Honey prices were reduced due to a lower domestic harvest and to stay competitive with cheaper imported honey.
What are the new prices for different grades of honey?
- Grade 1+ flower honey: 3.3 million won per drum
- Grade 1 flower honey: 3 million won per drum
- Grade 2 flower honey: 2.9 million won per drum
Why is chestnut honey more expensive? Chestnut honey is more expensive due to its newly discovered antiviral properties, which have increased consumer demand.
What challenges does the domestic honey industry face? The domestic honey industry faces challenges from cheaper imported honey, especially from China, which has had a bumper harvest this year.
What measures are being suggested to support domestic beekeepers? There are calls for government and industry measures to protect domestic beekeepers and enhance competitiveness, such as financial support and marketing strategies.
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