Rice prices fall sharply across North Korean marketplaces as demand shifts with the arrival of this year’s corn harvest. Imported grains have also begun entering markets, contributing to lower rice costs.
According to a survey by local sources, a kilogram of rice sold for 21,200 North Korean won in Pyongyang on October 26. That represents a 29.3% drop from the October 12 survey, when rice sold for 30,000 won.
Prices in other regions fell similarly. In Hyesan, one kilogram of rice cost 21,400 won on October 26, down 31.6% from the previous two-week period.
Seasonal corn harvests drive demand away from rice. Most of this year’s corn reached markets after harvesting and drying in September. Experts note that corn demand typically rises in late October.
“Late October is when the bulk of corn enters markets. People buy more corn than rice, temporarily reducing rice prices,” said Cho Chung-hee, director of the Good Farmers research institute.
Imported grains also influence prices. North Korean sources report that rice, corn, and wheat imports arrive via border cities including Sinuiju and Hyesan. Authorities reportedly pressured vendors to limit rice price increases. However, analysts expect rice costs to rebound once demand balances.
Corn prices declined moderately as well. On October 26, corn sold for 4,800 won in Pyongyang and 4,700 won in Sinuiju. These amounts marked a 4% drop from two weeks earlier.
Meanwhile, currency fluctuations continued. The won-to-dollar rate climbed to 38,200 won per U.S. dollar in Pyongyang, a 1.9% increase. In Sinuiju, the dollar reached 38,250 won, up 3.4%.
The won-to-yuan rate fell sharply. In Sinuiju, the yuan traded for 4,850 won, down 10.2% from mid-October. Hyesan saw the yuan at 4,920 won, a 9.1% decline. Fuel prices also eased slightly. Gasoline sold for 42,000 won per liter in Pyongyang, down 2.3%, while diesel dropped 1.9% to 40,900 won. Overall, rice prices fall as seasonal and imported supply meets demand, providing temporary relief to North Korean consumers.
