South Korea’s online agricultural exchange saves time and money

A new online system that has fully digitized wholesale transactions of agricultural crops is now up and running in Korea, saving time and money for producers and distributors as well as consumers.

The online agricultural exchange which went on a trial run late last month was jointly developed by the Ministry of Agriculture, Food and Rural Affair, agricultural cooperative Nonghyup, and Korea Rural Economic Institute to advance the agricultural distribution system in Korea.

Current transactions are limited to onions now but will be expanded to include garlic next month and other vegetables and fruits onward when transactions become stable.

The online exchange is a big time saver to a purchase team of E-Mart, one of Korea’s largest grocery outlets. The team was able to purchase about 100 tons of onions through a desk PC last week without having to visit farms located far away. The system also benefits not only large neighborhood groceries and food distributors but also wholesalers working in Nonghyup´s joint markets and wholesale markets across the country. There are more than 2,200 wholesalers active in these markets, and they serve as a bridge between onion farms and large customers across the country. When wholesalers win a bid on the online agricultural exchange, their shipment will be sent from farms directly to designated locations.

According to pulsenews.co.kr, the simplified distribution system benefits producers, buyers, and sellers alike.


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