North Korea's Jangmadang Markets See Grain Prices Plummet Amid Holiday Surplus

Rice prices in North Korea's informal markets, known as jangmadang, have been falling since September. According to a Daily NK survey, a kilogram of rice sold for 41,100 North Korean won in Pyongyang as of Sept. 13, down 8.9% from the previous survey on Aug. 30.

Prices also fell by similar margins in Sinuiju and Hyesan, with a kilogram of rice costing 41,200 won and 41,400 won, respectively. Corn prices dropped noticeably as well, with a kilogram of corn costing 16,700 won in Hyesan, down 7.2% over the same two-week period.

The decline in grain prices is attributed to increased supply around the Sept. 9 regime founding anniversary and the Chuseok harvest holiday. North Korean institutions typically supply cadres and employees with rice, corn, flour, cooking oil, and sugar ahead of major holidays, which appears to have curbed market demand and pushed extra grain into markets.

Cho Chung-hee, director of the Good Farmers research institute, told Daily NK that freshly harvested corn tends to lower prices in the fall. The yuan exchange rate has also dropped sharply this month, with the won-yuan exchange rate falling around 12.5% over the same period.