Due to the Sharp Rise in Cabbage and Lettuce Prices... Government Releases Stockpiles and Offers 20% Discount

Economic Central Disaster and Safety Countermeasures Headquarters Discusses 'Response Measures to Agricultural and Livestock Product Price Trends'

Forming an Emergency TF for Agricultural Product Supply and Demand Stability to Conduct Daily Checks on Prices and Supply-Demand Situations
Mobilizing All Pest Control Equipment to Focus on Preventing Secondary Damage

Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki is delivering opening remarks while presiding over the "13th Emergency Economic Central Countermeasures Headquarters Meeting" held at the Government Seoul Office in Gwanghwamun, Seoul on the 13th.

[Sejong=Asia Economy Reporter Ju Sang-don] As vegetable prices such as cabbage and lettuce soared due to the prolonged rainy season lasting over 50 days, the government announced measures to stabilize agricultural product prices on the 13th. Along with releasing up to 100 tons of stockpiled goods daily and contract cultivation quantities, a 20% discount coupon will be provided for leafy vegetables. The government plans to monitor supply-demand situations and price trends daily through the 'Emergency Task Force (TF) for Agricultural Product Supply and Demand Stability.'

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, held the 'Emergency Economic Central Countermeasures Headquarters Meeting and Economic Relations Ministers' Meeting' at the Government Seoul Office on the same day to discuss price trends and countermeasures for agricultural and livestock products.

Deputy Prime Minister Hong said, "Due to the recent heavy rains, supply instability and price volatility have appeared in some agricultural and livestock products such as cabbage and lettuce," adding, "We will form an emergency TF for agricultural product supply and demand stability to conduct daily checks on the growth and supply-demand status of major vegetables, production area trends, and price trends, and respond urgently."

According to the Ministry of Agriculture, Food and Rural Affairs, the wholesale price of cabbage rose from 2,472 KRW per head in June this year to 4,113 KRW this month, an increase of 1,641 KRW (66.4%), and lettuce increased from 4,739 KRW per kilogram to 14,170 KRW, up 9,431 KRW (199%). Compared to a year ago, prices rose by 84% and 17%, respectively. The ministry expects strong prices to continue until late August.

Accordingly, the government will first release 50 to 100 tons daily of government stockpiles and stockpiles from the Nonghyup shipment control facilities as needed, depending on the supply-demand situation of cabbage and radish. Early shipment of contract cultivation quantities for zucchini, cucumber, and eggplant will be promoted. Direct discount events for price stabilization will also be conducted. Nonghyup will carry out special discount sales to support the sale of flood-damaged agricultural products, and major supermarkets will provide 20% discount coupons when purchasing key leafy vegetables such as perilla leaves and zucchini.

Prevention of secondary damage caused by pests and diseases, which increase under hot and humid weather conditions following the rainy season, will also be a key focus. Nonghyup will mobilize all pest control equipment, including wide-area sprayers, drones, and unmanned helicopters held by field management entities, to intensively control pests and diseases. Additionally, related pesticides and nutrients will be supplied at a 30-50% discount, and pest control guidance and performance information will be continuously monitored using city and county agricultural technology centers.