2024-07-08 19:23:49
With the early heat wave this summer and the arrival of the rainy season in July, prices of major vegetables are on the rise due to a decrease in shipments.
The price of vegetables may rise in August as well, depending on the rainy season and growing conditions this month, so an emergency has been declared for the prices of shopping baskets. As the Korea Meteorological Administration forecasts that this summer’s rainfall will be higher than average, the government and the industry are busy preparing for it.
According to the Korea Rural Economic Institute on the 8th, cabbage, radish, and carrot prices are expected to rise in July compared to the previous year due to a decrease in shipments. There is also a possibility that shipments will fluctuate depending on the rainy season and growing conditions in July.
Frequent heavy rains cause diseases, pests, growth delays, and defects in vegetables. Fruits may also become soft and vegetables in highland areas may melt. Growth delays and other phenomena also occur in greenhouse vegetables, which is the main cause of the rapid rise in prices.
Cabbage shipments are expected to decrease by 7.2% and 7.4% compared to the previous year and the average year, respectively. This is due to the fact that summer cabbage shipments, which account for a large proportion of shipments, have decreased by 12% in one year. In August, spring storage cabbage shipments decreased by 18.3%, and as a result, wholesale prices are expected to rise due to the decrease in shipments.
Compared to the previous year and the average year, the shipment volume decreased by 9.8% and 10.8%, respectively. The August shipment volume is also expected to decrease by 2.1% and 8.3% compared to the previous year and the average year, which is expected to affect the increase in wholesale prices.
Carrot shipments decreased by 11.6% year-on-year and 22.6% year-on-year due to poor field spring carrot harvest and reduced spring carrot storage. In August, shipments are expected to decrease by 7.0% year-on-year and 13.6% year-on-year and year-on-year due to the reduced spring carrot storage, and wholesale prices are expected to rise.
Prices of garlic and dried peppers are also expected to rise in July.
The increased wholesale prices tend to be reflected in retail prices over time.
The government decided to stockpile 23,000 tons of cabbage and 5,000 tons of radish to stabilize prices and secure 2 million cabbage seedlings in preparation for weather disasters. It also plans to preemptively stockpile 14,000 tons of onions, garlic, and dried peppers that can be stored for a long time in preparation for holidays and other events.
Major hypermarkets such as E-Mart, Lotte Mart, and Homeplus are diversifying their production areas and expanding supply and demand for leafy vegetables vulnerable to rainy seasons through smart farm cultivation to reduce the burden on consumers.
Convenience stores such as GS25 are selling “ugly” vegetables that are not attractive in appearance but are still good in taste and quality at low prices to capture the demand of “frugal consumers.” An industry insider said, “This is to help stabilize living expenses amidst high prices and to help local farmers.”
Meanwhile, there were also vegetables whose prices were expected to fall this month.
Cabbage shipments increased by 8.6% in July and 9.3% in August compared to the previous year due to an increase in the area of shipments of products such as wild spring cabbage, and wholesale prices were observed to fall in both months. In July, the product standard of about 8 kg is expected to be 4,500 won, down 14.2% from the previous year (5,246 won).
Among seasoning vegetables, onion production is expected to increase, and green onion wholesale prices are expected to fall compared to the previous year due to an increase in the area shipped from summer green onion producing areas.
(Seoul = News 1)
2024-07-08 19:23:49