Price Decline in Vegetables Like Sangchu... Ministry of Agriculture, Food and Rural Affairs Forecasts Stability

The Ministry of Agriculture, Food and Rural Affairs announced on the 20th that the consumer prices of horticultural agricultural products, which had been strong due to heavy rains in mid-July and typhoons in August, have generally stabilized recently as weather conditions improved with increased sunlight. The ministry expects the current stability to be maintained as long as there is no damage caused by weather anomalies such as typhoons.

According to the ministry, the current crop conditions for napa cabbage and radish are favorable, and there is sufficient spring storage, resulting in prices in mid-August being lower than the previous year (napa cabbage down 12.0%, radish down 7.0%). However, prices have risen about 10% compared to early August, which is typical for the seasonal characteristics of napa cabbage and radish, as August to September is the period when prices are highest throughout the year. Going forward, high temperatures and typhoons may cause diseases and pests, posing significant risks. In case of supply instability, the ministry plans to respond by utilizing stockpiles (as of the 16th, napa cabbage 5,800 tons (up 107.1% from last year), radish 2,500 tons (up 212.5% from last year)) and contracted shipment volumes (as of the 16th, napa cabbage 39,000 tons, radish 42,000 tons).

Onions are expected to maintain prices similar to last year as production (medium-late varieties 1,025,000 tons, down 1.6% from last year) is comparable to the previous year, while garlic prices are expected to remain lower due to increased production (medium-late varieties 318,000 tons, up 16.7% from last year). The ministry has secured stockpiles of 6,000 tons to meet demand during peak seasons such as holidays and kimchi-making season and plans to release them timely if supply instability occurs. Additionally, the ministry plans to promptly import an increased TRQ volume of 90,000 tons if necessary.

For apples and pears, there are concerns about decreased production and a lower proportion of premium-grade products due to reduced cultivation areas and weather disasters such as cold and frost. The ministry plans to expand contracted shipment volumes compared to last year to meet increased demand during the holiday peak season.

In the case of greenhouse vegetables, prices, which had been strong due to flooding damage in major production areas in Chungnam and Jeonbuk and lack of sunlight caused by heavy rain and typhoons, are generally turning downward as growth has been delayed. Some items like perilla leaves are expected to remain strong for a while, but most greenhouse vegetables are expected to maintain price stability due to increased production from the recovery of sunlight.

The government is implementing supply stabilization measures by item and directly reducing consumers' price burdens by selecting high-priced items weekly and providing a 20% discount (30% at traditional markets) up to 10,000 KRW per person. The 12 discounted items until the 23rd include onions, lettuce, spinach, perilla leaves, chicken, potatoes, carrots, paprika, napa cabbage, radish, oriental melon, and watermelon. Discounts are available through various distribution channels such as large and small supermarkets, local agricultural cooperatives (Hanaro Mart), local agricultural product direct stores (local food), traditional markets, and online malls.

Kim Jong-gu, Director of Distribution and Consumer Policy at the Ministry of Agriculture, Food and Rural Affairs, said, "Since the heavy rains, prices of greenhouse vegetables such as lettuce have gradually stabilized due to improved weather and support for shipments, improving supply conditions. The ministry will continue to monitor supply and demand daily in response to adverse weather, expand supply through stockpiling, contract farming, and import measures, and persist in providing discount support to ease consumer burdens, doing its best to stabilize grocery prices."

On the 2nd, customers shopping at Hanaro Mart Yangjae Branch in Seocho-gu, Seoul, where vegetable prices are rising due to recent heavy rains flooding the cultivation areas followed by a heatwave. Photo by Kang Jin-hyung aymsdream@