For the time being, there are concerns about ‘gold cabbage’… kimchi crisis

Cabbage prices up 73% in one month, radish prices also jump… Kimjang cabbage cultivation area likely to decrease by 4%
Ministry of Agriculture, Food and Rural Affairs: “Supply Shortage Inevitable for the Time Being”
Government “Emergency import of 16 tons of Chinese cabbage”… to supply to wholesale markets such as restaurants

Cabbage prices drop 40% in one day On the 24th, at the Sajik branch of Seo Seoul Nonghyup Hanaro Mart in Jongno-gu, Seoul, the price of 3 heads of cabbage per pack is being sold for 36,000 won (right photo), which is about 40% lower than the previous day (59,800 won, left photo). A Hanaro Mart official said, “In order to stabilize cabbage prices, we are selling them at a significant discount for two days starting today.” The government has decided to invest subsidies to lower the perceived price of cabbage. Reporter Lee Han-gyeol [email protected]

Due to the record-breaking heat last month, cabbage prices have jumped by over 70% compared to the previous month. The area of ​​fall cabbage used for kimchi is expected to decrease by about 4% compared to the average year, and voices of concern about a kimchi crisis are already growing louder. The government decided to import 16 tons of cabbage from China starting on the 27th.

According to the producer price index for August released by the Bank of Korea on the 24th, the producer price of cabbage last month rose 73.0% from July. Chives (172.9%) and spinach (124.4%) also jumped significantly, causing the producer price of all agricultural products to rise 7.0% from the previous month. Lee Moon-hee, head of the Price Statistics Team at the Bank of Korea’s Economic Statistics Bureau, explained, “The increase in vegetable prices in August was largely due to the heat wave and increased demand ahead of Chuseok.”

Livestock products also rose by 4.2% overall, with beef prices rising by 11.1%. The producer prices of agricultural, forestry, and fishery products, including agricultural and livestock products, remained stable until June, but began to rise in July due to abnormal temperatures, such as repeated heat waves and heavy rains. Fresh food prices rose by 9.7% as vegetable prices soared, and food prices rose by 2.5%. The producer prices will be reflected in consumer prices in about a month, so the burden of food prices on ordinary people’s tables is expected to increase further.

This year, the area of ​​fall cabbage cultivation is also expected to decrease, so cabbage prices are expected to remain high for the time being. The Ministry of Agriculture, Food and Rural Affairs forecasted that this year’s fall cabbage cultivation area will decrease by about 4% compared to the average year, reaching 12,870 hectares. It is also a 2% decrease compared to a year ago. An official from the Ministry of Agriculture, Food and Rural Affairs said, “It seems inevitable that there will be a supply shortage for the time being, so we plan to pursue various measures to stabilize prices.”

The government decided to import 16 tons of Chinese cabbage starting on the 27th. This is the fifth time the government is importing Chinese cabbage. The import volume will not be distributed to ordinary households, but to restaurants, food material companies, and kimchi export companies. The import volume may increase further, reflecting the situation in China’s production areas, but it seems that large-scale imports will be difficult due to poor cabbage harvests in some regions of China. A quota tariff (0%) is currently being applied to cabbage for a limited time. In addition, the Ministry of Agriculture, Food and Rural Affairs decided to support discounts of up to 40% at large marts until the 2nd of next month to encourage early shipments and lower perceived prices by providing incentives to distributors.

Not only cabbage, but also radish prices are higher than usual. According to the Korea Agro-Fisheries & Food Trade Corporation (aT), the retail price of one radish on this day was 4,032 won, up 46.89% from the average. This is because the supply has decreased due to poor crops caused by the heat wave. In addition, demand for radish instead of cabbage has increased, so prices are expected to remain higher than usual. In order to increase the supply of radish, the Ministry of Agriculture, Food and Rural Affairs has decided to supply 500 tons of the agricultural cooperative’s promised shipment amount to the wholesale market by the end of this month.

However, the prices of fruits such as apples and pears, which had risen sharply, are expected to show a downward trend. The Ministry of Agriculture, Food and Rural Affairs predicted that the price of Hongro apples will fall as they are shipped, and the price of Shingo pears will also remain lower than the average year.

Sejong = Reporter Lee Ho [email protected]
Reporter Lee Dong-hoon [email protected]

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2024-09-26 04:55:28