South Korean Government to release 10,000 tons of kimchi ingredients such as red pepper and garlic

Published 2022년 10월 28일

Tridge summary

The South Korean government is taking steps to address the potential price volatility of kimchi ingredients during the upcoming season. To stabilize prices, they plan to release 10,000 tons of red pepper and garlic, provide discounts, and increase the production of autumn cabbage by 10.4%. Additionally, they will invest in discount coupons for agricultural, livestock, and fishery products. In terms of energy and transportation, the government will extend the 0% tariff rate on liquefied natural gas until the end of March and reduce tariffs on eggs and other products to offset heating and shopping costs. Furthermore, the government is working on a 'Financial Vision 2050' to address financial risks and establish a financial support system for social insurance.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

On the 25th of last month, a cabbage stand at a large mart in Seoul. yunhap news Before the kimchi season in November, the government decided to release 10,000 tons (t) of kimchi ingredients such as red pepper and garlic to the market and provide price discounts. It also decided to expand temporary tariff cuts on 10 items, including liquefied natural gas (LNG) and eggs, to ease the burden of heating costs in winter. Deputy Prime Minister and Minister of Strategy and Finance Choo Kyung-ho held an emergency economy ministers meeting at the government complex in Seoul on the 28th and said, “When kimchi season starts in earnest in November, there is a possibility that price volatility will increase centering on kimchi ingredients. We will do everything we can to keep the price of kimchi lower than last year by promoting meticulous supply-demand and price management.” As the supply of kimchi ingredients such as garlic, onion and salt this year is expected to decrease slightly ...

Source: Hani