North Korea rice prices drop nearly 20%

Rice prices in North Korean markets fell by nearly 20% in early July 2026, a Daily NK survey found, as seasonal supplies of alternative grains and a possible increase in imported food pushed costs down across the country.

According to Daily NK’s regular survey of North Korean market prices, rice sold for 31,200 won per kilogram at a market in Pyongyang as of July 5, an 18.3% drop from the previous survey on June 21.

A similar trend appeared in Sinuiju, North Pyongan province, and Hyesan, Ryanggang province. Rice prices at markets in the two cities came to 31,000 won and 31,300 won per kilogram on July 5, down 18.6% and 18.5%, respectively, from two weeks earlier.

This marks the sharpest decline in North Korean rice prices so far in 2026. Prices had previously stayed elevated due to reduced food supply, rising exchange rates and public anxiety over food availability.

Corn prices also posted their steepest drop of the year. Corn sold for 11,000 won per kilogram at a Pyongyang market as of July 5, down 16.7% from two weeks prior. Corn prices in Sinuiju and Hyesan fell by about 15% over the same period.

Seasonal supply shift seen as main driver

The price decline appears largely tied to seasonal factors. New barley and wheat typically enter North Korean markets between late June and early July, temporarily reducing demand for rice and corn as buyers shift to the cheaper alternative grains, which in turn eases pressure on staple grain prices.

Still, some observers argue seasonal factors alone cannot fully explain this year’s nearly 20% drop in rice prices. A recent recovery in trade between North Korea and China may have allowed imported food to reach markets, further affecting grain prices.

Whether the decline signals a longer-term stabilization in prices remains unclear. Prices could rebound in late July as the effect of new grain supplies fades, and could shift again depending on exchange rates, conditions at the border and whether authorities release state grain stocks.

Dollar and yuan rates move in opposite directions

Currency exchange rates diverged over the same period. As was the case at the end of June, the won-dollar exchange rate fell, while the won-yuan exchange rate continued to climb.

Pyongyang’s market exchange rate for the won against the dollar stood at 60,000 won as of July 5, down 4.9% from June 21. Sinuiju and Hyesan saw similar declines, with rates settling in the low 60,000-won range.

The won-yuan exchange rate, by contrast, edged higher. Rates in Sinuiju and Hyesan came to 8,920 won and 8,930 won, respectively, each up 3.5% from the June 21 survey.

The rise in the won-yuan rate is likely tied to expanding trade between North Korea and China along the border, which appears to be driving up demand for yuan. Traders in North Pyongan, North Hamgyong and Ryanggang provinces frequently use yuan for cross-border transactions, so a pickup in trade volume tends to boost demand for the currency.

However, if North Korea-China trade continues to expand more broadly, both the dollar and yuan exchange rates could turn upward again, meaning it remains to be seen whether the recent weakness in the dollar rate will hold.

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