News

Will cabbage prices stop rising in South Korea?

Fresh Cabbage
Vegetables
South Korea
Market & Price Trends
Published Apr 19, 2024

Tridge summary

Cabbage prices in Seoul have seen a significant increase, with domestic cabbage trading at 161% higher than last year's average. To address this, cheaper Chinese cabbage, priced at half the cost, has started to be imported more extensively, making up 21% of total cabbage imports at the Seoul Garak Market since the 12th of this year. Despite a 66.6% increase in the storage volume of domestic cabbage compared to last year, prices are expected to gradually decrease towards the end of April. This anticipated drop is attributed to the increased storage, early shipment of spring cabbage from main producing areas, and the influx of more affordable Chinese cabbage.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

As cabbage prices continue to soar, fresh cabbage from China is being actively distributed in the market. Meanwhile, as the quantity of stored cabbage is found to be more than 60% higher than the previous year, attention is focused on the formation of market prices. According to the Seoul Agro-Fisheries and Food Corporation, the number of imported cabbages brought into Seoul Garak Market on the 17th was 68 tons. All of it was from China, accounting for 21% of the total amount of cabbage imported (331 tons). It is understood that fresh cabbage from China began to be imported into Garak Market in earnest around the 12th this year. Market distributors believe that it is closely related to the market price of domestic cabbage. On the 17th, domestic cabbage was traded at 18,085 won per 8 kg product. It is 161% higher than the average in April last year (6,930 won) and 173% higher than the average year (6,628 won). Fresh cabbage from China is exactly half the price. As of the 17th, the ...
Source: Nongmin
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