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Strong Dollar, Rising Prices: How South Korea's Food Costs Are Soaring

The prices of key imported foods in South Korea are climbing much faster than global rates. This is largely because the South Korean won has lost significant value against the US dollar. For example, while global coffee prices tripled, they nearly quadrupled when paid for in Korean won. Experts warn this currency-driven inflation on imports will combine with domestic price hikes to increase the overall cost of food for consumers.

Key Points: Imported Food Prices Surge in South Korea Amid Weak Won

  • Imported coffee prices have risen nearly fourfold in won terms over five years
  • Imported beef prices surged 60.6% in won terms, double the dollar increase
  • The Korean won has weakened significantly, from ~1,100 to 1,450 per dollar
  • A professor warns this will push up overall food and processed product prices
2 min read

Prices of imported agricultural goods rise amid strong US dollar in S. Korea

Data shows imported coffee, beef, and pork prices have risen sharply in South Korea, outpacing global trends due to the won's depreciation against the US dollar.

"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. - Choi Chul, Professor"

Seoul, Dec 21

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.

- IANS

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Reader Comments

R
Rohit P
Coffee prices nearly fourfold in five years? 😳 Makes our daily chai seem like a bargain! But seriously, it shows how interconnected everything is. A strong dollar hurts consumers everywhere, not just in Korea.
A
Aman W
The data on beef and pork is interesting. While we have different consumption patterns, the principle is the same for us with imports like apples or almonds. When the rupee weakens, our kitchen budget feels the pinch immediately.
S
Sarah B
Living in Delhi, I've seen imported cheese and olive oil prices shoot up. Articles like this help explain the 'why' behind the supermarket bill. It's a global issue, but policymakers need to find local solutions to protect consumers.
V
Vikram M
The professor makes a key point about processed foods. It's not just the direct import. Higher flour and sugar costs mean more expensive biscuits, bread, everything. The ripple effect is what truly hits the common man's pocket.
K
Karthik V
While the analysis is solid, I wish there was more discussion on solutions beyond self-reliance. Strategic reserves, trade agreements, and supporting farmers with technology to boost yield are equally important. Let's talk about the way forward too.

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

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