Prices at North Korea’s informal marketplaces are falling across the board, including imported goods and grains like rice and corn. This appears to be a temporary trend driven by declining exchange rates and increasing grain sales at state-run stores.
According to Daily NK’s periodic survey of prices at North Korean markets, a kilogram of rice at a Pyongyang market traded for 15,700 North Korean won on Jan. 18, which was 12.8% lower than the price in the previous survey on Jan. 4 (18,000 won).
Lower rice prices have also been observed in other areas. On the same day, a kilogram of rice at a market in Hyesan, Ryanggang province, sold for 16,000 won, representing a 12.6% decrease from the price two weeks before (18,300 won).
This is the first January in five years that rice prices have fallen so sharply. While prices often soften in early January after the previous fall’s grain harvest reaches markets in December, the rate of change is typically around 5%.
Corn prices have also fallen sharply after spiking at the beginning of the month. A kilogram of corn was observed to be selling for 4,000 won and 4,100 won at markets in Pyongyang and Sinuiju, North Pyongan province, on Jan. 18. Those prices were down 16.7% and 16.3%, respectively, from the Jan. 4 survey.
Growing volatility signals instability
Significantly, corn prices have been highly volatile over the past month, suggesting that prices are growing unstable. More specifically, the price of corn at North Korean marketplaces rose by 26–32% between late December and early January and then fell around 16% over the past two weeks.
The latest drop in rice and corn prices amid the growing volatility of grain prices at North Korean marketplaces appears to reflect not only falling exchange rates but also a temporary expansion of grain sales at state-run stores.
Multiple sources in Ryanggang and North Pyongan provinces said that state-run stores in certain areas were selling twice as much grain this month as last month. Since rice and corn are available for lower prices at these stores, market prices have apparently been pushed down.
At the same time, there are clear indications that North Korean exchange rates are moving downward.
As of Jan. 18, the average won-to-dollar exchange rate at North Korean markets in Pyongyang, Sinuiju, and Hyesan stood at 37,217 won, down 5% from the average rate in the survey two weeks prior.
The won-to-yuan exchange rate decreased by a smaller amount than the won-to-dollar rate. The average won-to-yuan exchange rate at the same three markets was 5,123 won, representing a 3.8% decrease from the average rate in the previous survey.
The reason for the falling exchange rates appears to be related to the continuing lull in trade activities with some trading companies still waiting for authorities to issue trade permits.
“This is a period when the supply of grain is increasing, and falling exchange rates appear to have had an impact on grain prices as well,” said Cho Chung-hui, head of research for South Korean non-government organization Good Farmers, in a telephone call with Daily NK.
“Given the tendency for North Korean markets to assess product prices in terms of dollars, even locally made goods are affected by exchange rates. That tendency has been exacerbated by the surge in exchange rates over the past few years.”
Exchange rates for the dollar and yuan have spiked at North Korean marketplaces since the second half of 2024, driving a widespread circulation of foreign currency that is known as dollarization or yuanization. In Cho’s view, those trends are also affecting the prices of local grain.
“Grain prices typically begin rising in late January or early February. Not only exchange rates but also grain prices are likely to rise before North Korea’s major holiday this February,” Cho said.
January 30, 2026 at 07:07PM
by DailyNK(North Korean Media)