16 tons of Chinese cabbage brought into Korea… Market supply as early as the 29th
Autumn cabbage awaits shipment… “Price stabilization expected from mid to late October”
When will the sky-rocketing price of cabbage come back to normal? Industry officials predict that supply and demand will become smoother and prices will stabilize starting from mid-to-late October, when the kimchi season begins in earnest. The government plans to start by importing an initial quantity of 16 tons of Chinese cabbage and seek to stabilize prices by expanding imports depending on the supply and demand situation.
According to the Korea Agro-Fisheries and Food Trade Corporation (aT) on the 28th, the average retail price of cabbage products (abandoned products) as of the previous day was 9,963 won, up 39.6% from the previous month (7,133 won) and approaching the 10,000 won range. The increase rate compared to the previous year (6,193 won) amounts to 60.8%.
The price of cabbage, which has risen to around 9,000 won since the 19th, is showing a frightening upward trend every day.
In response to the steep rise in cabbage prices, with cabbage costing more than 20,000 won per head at some commercial supermarkets, the government stepped in to support supply and demand by urgently transfusing 16 tons of Chinese cabbage into the country.
Chinese cabbage imported into Korea on the 26th is currently being stored in a storage facility. The Ministry of Agriculture, Food and Rural Affairs is reviewing suppliers to send the quantity, and it is reported that it will be supplied to major wholesale markets or distributors across the country rather than retail. Chinese cabbage is expected to be released on the market as early as the 29th.
Once Chinese cabbage is supplied to the market, the soaring price of cabbage is expected to be somewhat adjusted.
As growth has recovered somewhat with the recent drop in temperature, wholesale prices (products), unlike retail prices, are turning downward. The price of cabbage, which was 9,537 won per head in mid-September, peaked at 11,895 won on the 23rd, then fell to 8,380 won on the 24th, 8,184 won on the 25th, and 6,640 won on the 26th.
Consumers are immediately interested in whether cabbage prices will return to normal during the kimchi season, which runs from late October to mid-November. The general opinion of government authorities and experts is that prices will normalize until kimchi season.
The heavy rain that fell in Haenam, the largest cabbage production area, last weekend (September 19th to 21st) caused problems with the crop, but production is not impossible, so the impact on supply and demand is expected to be limited.
As a result of Jeonnam Province’s investigation of the area damaged by heavy rain, it was tentatively calculated that 600 hectares, or 13.9% of the total cabbage cultivation area in Haenam, suffered damage due to water damage, soil inflow, and wet damage. However, the area where production was impossible was found to be only 25 to 30 ha, or 0.58 to 0.69%.
Haenam’s cabbage cultivation area is 4,299 hectares, accounting for 25.7% of the nation’s 16,742 hectares.
However, even if cabbage prices turn downward, it is expected that there will be some time lag before the price recovers to the average price. This is because the damage caused by heat waves and heavy rains has not yet been completely eliminated.
Therefore, experts advise that in order to reduce the cost burden, it may be more economical to postpone kimchi this winter by 1 to 2 weeks compared to previous years. The analysis is that the supply and demand situation will only improve over time as the overall growth schedule has been pushed back due to crop problems caused by abnormal weather or natural disasters.
Ji Seon-woo, a specialist researcher at the Agricultural Observation Center of the Rural Economic Institute, said, “The price of cabbage is expected to drop from mid-to-late next month.” He added, “It is expected that not only summer cabbage but also fall cabbage will be produced in the Chungcheong region, parts of Yeongnam, and the southern region, so it will definitely go down compared to now. “It was predicted.
However, “This year, there was damage from particularly heat waves and high temperatures, and those damages are still having an impact, so it seems difficult for prices to drop to normal levels right away in October,” he said. “What is clear is that prices will drop significantly from now until kimchi season.” He added.
He advised, “The longer we delay the kimchi season (this winter), the greater the price drop will be.”
(Sejong = News 1)
2024-09-28 10:31:44