Stabilizing Cabbage Supply in Summer... Preparing Additional Supply of 1,000 Tons

Government Holds the 29th Vice Ministers' Meeting on Price Stabilization

The government will secure additional supply capacity of about 1,000 tons to stabilize the supply and demand of napa cabbage, whose price has recently risen. Given the growing concerns over oil supply due to the recent Middle East conflict, an emergency response system will be maintained for the time being.

Kim Beom-seok, First Vice Minister of the Ministry of Economy and Finance, is presiding over the "29th Vice Ministers' Meeting on Prices" at the Government Seoul Office Building on the 9th. / Photo by Ministry of Economy and Finance

On the 9th, Kim Beom-seok, the 1st Vice Minister of the Ministry of Economy and Finance, held the '29th Vice Ministers' Meeting on Prices' at the Government Seoul Office to discuss price trends by item such as agricultural, livestock, and fishery products, petroleum products, and measures to stabilize prices.

The meeting was attended not only by the Ministry of Economy and Finance but also by officials from the Ministry of Agriculture, Food and Rural Affairs, Ministry of Trade, Industry and Energy, Ministry of Land, Infrastructure and Transport, Ministry of Oceans and Fisheries, Ministry of Culture, Sports and Tourism, Ministry of Employment and Labor, Ministry of Health and Welfare, Ministry of SMEs and Startups, and the Financial Services Commission.

Vice Minister Kim evaluated, "Despite recent instability in the Middle East situation, international oil prices and domestic petroleum product prices are showing a slowdown. Although prices of some agricultural products such as vegetables have risen compared to the previous month due to the heatwave after the rainy season, agricultural product prices are generally stable compared to August last year."

However, he added, "Given the high uncertainty due to increased volatility in international oil prices and abnormal weather during the summer, (relevant ministries) must maintain heightened vigilance and strengthen efforts to stabilize prices of their respective items."

The government is taking steps to stabilize the supply of napa cabbage, whose price has risen due to recent heavy rains and heatwaves. According to the July Consumer Price Trends released by Statistics Korea, the price of napa cabbage rose 13.4% compared to the same month last year. Compared to the previous month, it increased by 27.3%, showing a marked upward trend.

The government will expand the cultivation area of napa cabbage (utilizing 2 million seedlings as reserves) to secure additional supply capacity of about 1,000 tons. It plans to monitor the supply and demand situation this month and increase the stockpile volume up to 400 tons per day if necessary. This is about 85% of the average daily inflow volume at Garak Market. Contracted napa cabbage farmers will be supplied with pest control agents at prices discounted by more than 30%.

Additionally, amid the re-escalation of conflicts in the Middle East, the government will continuously maintain an emergency response system with related agencies and industries to ensure there are no disruptions in oil supply. Core security resources such as oil and gas will be managed through a system based on continuous stockpiling centered on the public sector, along with increasing the number of stockpiling institutions separately to operate a dual stockpiling system.