Government Alarmed by Soaring Cabbage Prices... "Full Effort to Stabilize Prices"

Imported Volume of Chinese Goods Arriving Today

[Image source=Yonhap News]

With the kimchi-making season approaching and the price of napa cabbage soaring, the government has stepped up efforts to stabilize prices by supporting discounts at supermarkets and supplying directly imported quantities. Kim Beom-seok, the 1st Vice Minister of the Ministry of Economy and Finance, stated, "We will make every effort to stabilize napa cabbage prices."

At the 33rd Vice Ministerial Meeting on Prices held at the Government Seoul Office on the 27th, Vice Minister Kim said, "Due to the prolonged heatwave, prices of vegetables such as napa cabbage have risen sharply, continuing to burden grocery prices," and added, "We will respond with full force to stabilize the recently strong napa cabbage prices."

According to the Korea Agro-Fisheries & Food Trade Corporation, as of the 25th, the average retail price of napa cabbage this month surged by 37.3% compared to a year ago.

To stabilize napa cabbage prices, the government is encouraging early shipment through shipment incentive payments and will support up to 40% price discounts at large supermarkets until next month. Since May, the government has implemented all necessary measures to stabilize napa cabbage prices and supply, including applying tariff quotas to expand napa cabbage supply.

Starting today, fresh napa cabbage imported from China will be shipped through the wholesale market via the Korea Agro-Fisheries & Food Trade Corporation to supply restaurants and food material companies.

The government also plans to purchase and stock napa cabbage gradually during periods of high shipment volume and supply it flexibly according to supply and demand conditions.

The Ministry of Economy and Finance stated, "To stabilize napa cabbage supply during the kimchi-making season, we will thoroughly manage the growth of autumn napa cabbage scheduled for shipment from mid to late next month by inspecting crop conditions and supplying discounted nutrients and pesticides. We will also monitor daily price and supply trends of major agricultural and livestock products and proactively prepare supply measures according to napa cabbage crop conditions."

Furthermore, since the recent rise in vegetable prices is influenced by structural factors due to climate change beyond temporary causes, the government plans to establish a 'Climate Change Response Agricultural Supply Stabilization Plan' within this year. This plan will include expanding smart farms, developing new varieties, and diversifying supply chains to fundamentally improve agricultural supply instability.