Government: "Cabbage and Radish Prices to Remain High for a While... Early Harvest and Import Expansion Planned"

Discussion on 'Price Trends and Supply Measures of Agricultural, Livestock, and Fisheries Products' at the Economic Ministers' Meeting on the 2nd

The government expects the supply and demand of fruits and livestock products to remain stable, but prices of cabbage and radish are forecasted to continue rising for the time being despite recent improvements in weather conditions.

On the 2nd, the government discussed the 'Price Trends and Supply and Demand Measures for Agricultural, Livestock, and Fishery Products' at the Economic Ministers' Meeting.

Merchants at Garak Market in Songpa-gu, Seoul, are preparing napa cabbages. Photo by Jo Yongjun jun21@

Despite difficult conditions such as high temperatures and drought, the supply and demand of fruits and livestock products remain stable, but prices of vegetables continue to rise despite recent weather improvements. Due to prolonged heat waves, the volume of cabbage shipments from production areas sharply decreased after mid-September, causing retail prices to rise to 9,465 won per head in late September, an increase of 31.1% compared to the average year.

The government plans to maximize the supply of available quantities through early shipments and imports to stabilize supply before the peak kimchi-making season in October. It will promote expanding cabbage supply by importing fresh cabbage (aT 1,100 tons and private sector 3,000 tons) and encouraging early shipment of autumn cabbage, which has a high unit yield. From mid-October, when crop conditions recover, the government will purchase about 1,000 tons per week and supply it directly to supermarkets at low prices in case of temporary shipment fluctuations.

Seaweed prices are expected to stabilize after October. The price increase rate of seaweed in August this year (compared to the previous month) slowed to 0.9%. The government forecasts that prices will remain stable with the full-scale production of new seaweed after October. To stabilize prices, various measures such as regular seaweed discount events and public-private cooperation (operation of consultative bodies) will be implemented. Additionally, dried seaweed will be discounted up to 50% through government discount support projects until the end of this month.