Grain prices across North Korean markets have begun climbing since mid-February, reversing the downward trend observed since December. With the arrival of the annual spring food shortage period, prices may continue their upward trajectory.
According to Daily NK’s regular market price monitoring, rice was trading at 8,300 North Korean won per kilogram in Pyongyang markets on Feb. 16, marking a 3.8% increase from the 8,000 won recorded in the previous survey on Feb. 2.
Similar rice price increases were observed throughout the country. In Sinuiju (North Pyongan province), rice sold for 8,360 won per kilogram, while in Hyesan (Ryanggang province), prices reached 8,500 won – representing increases of 3.2% and 2.4% respectively from two weeks earlier.
Corn prices, the staple grain for North Korea’s lower-income population, have followed the same pattern. In Pyongyang, corn traded at 3,120 won per kilogram on Feb. 16, a 4% jump from the 3,000 won recorded on Feb. 2.
Hyesan reported the highest corn prices nationwide, with one kilogram selling for 3,400 won – a 4.6% increase from the previous survey.
Two key factors appear to be driving these cereal price increases. First, North Korea is entering what’s locally known as the “barley hump” – the annual spring period when fall harvest reserves typically run low. Second, food demand surged around Feb. 16, the birthday of former leader Kim Jong Il.
Kim Jong Il’s birthday ranks among North Korea’s most important holidays. Every year, demand for rice and corn spikes as families prepare traditional rice cakes and festive meals for their day off.
However, market grain prices could potentially drop if North Korea increases food imports and distributes them through state-run stores.
Meanwhile, the same market survey revealed declining exchange rates between the North Korean won and foreign currencies. In Pyongyang on Feb. 16, the won-to-dollar exchange rate stood at 20,070 won – 4.4% lower than in the previous survey.
Similar decreases in the dollar’s value were recorded elsewhere. In Sinuiju, one dollar traded for 20,100 won, down 4.5% from two weeks earlier.
The won-to-yuan exchange rate showed regional variations. The Chinese currency weakened against the won in Sinuiju and Hyesan, while slightly strengthening in Pyongyang.
In Sinuiju, the yuan traded at 2,360 won on Feb. 16, a 4% decrease from Feb. 2. In Pyongyang, however, the rate stood at 2,320 won – a modest 0.8% increase from the previous survey, bucking the overall downward trend in the yuan’s value.
After last year’s dramatic surge in dollar and yuan exchange rates, this year’s decline suggests imported goods are becoming more affordable.
This is further supported by price reductions for gasoline (2%), diesel (1%), and cooking oil (3%) across North Korean markets as of Feb. 16 compared to two weeks earlier.
March 05, 2025 at 03:04PM
by DailyNK(North Korean Media)