Will cabbage prices stabilize this year during the kimchi season in South Korea? Ministry of Agriculture, Food, and Rural Affairs: No supply and demand issues

Published 2024년 10월 23일

Tridge summary

The South Korean government is taking steps to stabilize agricultural product prices, particularly cabbage, ahead of the kimchi season despite a poor harvest due to adverse weather conditions. The Ministry of Agriculture, Food and Rural Affairs is optimistic about the autumn harvest and falling wholesale prices, and plans to increase the supply of contract-grown cabbage and radish, maintain reserves, and release them if prices rise. While prices of some auxiliary materials have decreased, garlic prices are high but expected to stabilize with imports. The government will monitor kimchi ingredient supply and demand weekly, provide price information, and hold discount events to ease consumer burdens. However, there are concerns about the government's optimistic outlook and calls for measures to address seasonal price fluctuations. The Ministry is considering improving stockpiling technology and expanding facilities, with plans for a year-end stabilization measure.

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Original content

(Seoul = Yonhap News) Reporter Shin Seon-mi = With the government set to increase the supply of agricultural products such as cabbage ahead of the kimchi season next month, attention is focused on whether prices will stabilize. Due to the poor harvest of cabbage in high and semi-high altitude regions this year due to heat waves and droughts, the retail price of cabbage has soared to 1.7 times that of a year ago. However, the Ministry of Agriculture, Food and Rural Affairs predicted that there will be no 'cabbage crisis' during the kimchi season, as the autumn cabbage harvest for kimchi is good and the wholesale price of cabbage has recently been falling. According to the Ministry of Agriculture, Food and Rural Affairs on the 23rd, the supply conditions for kimchi ingredients such as cabbage and radish during this year's kimchi season are expected to be generally good. Park Soon-yeon, the director of distribution and consumption policy, said in a briefing on “Kimjang ingredient ...

Source: Yna