Grain prices fell across North Korean markets in late May 2026, reversing weeks of sustained increases. Rice sold at a Pyongyang market on May 24 for 31,500 North Korean won per kilogram. That marked a 3.7 percent decline from the previous survey on May 10. Meanwhile, Hyesan recorded the steepest drop as rice fell 6.2 percent to 31,800 won. Corn prices also weakened during the same two-week period. Pyongyang corn traded at 8,900 won, down 3.3 percent, while Sinuiju saw a 3.5 percent decrease to 8,800 won.
The sudden fall in grain prices reflects a combination of immediate supply and demand shifts. First, imported grain supplies increased and placed downward pressure on domestic prices. At the same time, authorities shortened market operating hours for the annual rice transplanting mobilization. Consequently, many urban workers departed for the countryside, and fewer traders remained active. This reduced transaction volumes and contributed directly to the lower grain prices.
Foreign currency exchange rates softened in parallel with the commodity trend. On May 24, the dollar rate stood at 71,800 won in Pyongyang, 71,820 won in Sinuiju, and 71,830 won in Hyesan. Each city recorded a roughly 0.4 percent drop from two weeks earlier. Similarly, the yuan rate declined 1.1 percent in Pyongyang and Sinuiju. In Hyesan, where Chinese currency circulates widely, the rate fell 1.2 percent to 8,830 won. Smaller traders and smugglers demanded less foreign exchange because Chinese border enforcement remained tight. Even after U.S. President Trump’s China visit, strict controls on informal trade persisted through late May.
With exchange rates easing, prices of imported goods also edged downward. Gasoline and diesel averaged 81,166 won and 75,166 won per kilogram respectively across the surveyed cities, down about 1.3 percent. Key imported food staples followed the same path. Cooking oil dropped to 84,600 won per kilogram, sugar to 84,913 won, and flour to 32,033 won. These represented declines of roughly 1.6, 0.9, and 1.5 percent.
The grain prices decline provides temporary relief to North Korean households, but it stems partly from seasonal market contractions. If the rice transplanting campaign concludes, market activity could rebound and shift prices again. However, continued Chinese border enforcement may keep imported goods cheaper for some time. The next price survey will reveal whether this downward trend holds or reverses once normal trading resumes.
