Minister Song Miryeong: "Up to 40% Discount Support on Cabbage and Radish"... Direct Import from China Also This Month

Countermeasures Discussed at the Livelihood Economy Inspection Meeting

The government will support discounts of up to 40% on agricultural products such as cabbage and radish, whose prices have surged, and will expand imports to stabilize grocery prices.

Acting President and Deputy Prime Minister Choi Sang-mok, who is also the Minister of Economy and Finance, visited Hanaro Mart Yangjae Branch in Seocho-gu, Seoul on the 6th to check the price situation, accompanied by Song Mi-ryeong, Minister of Agriculture, Food and Rural Affairs, and Kang Do-hyung, Minister of Oceans and Fisheries. Photo by Yonhap News

On the 6th, the government held a Livelihood Economy Inspection Meeting at the Yangjae Hanaro Mart in Seoul to review price trends of agricultural, livestock, and fishery products and discuss countermeasures. The meeting was attended by Choi Sang-mok, Acting Prime Minister and Minister of Economy and Finance, Song Mi-ryeong, Minister of Agriculture, Food and Rural Affairs, Kang Do-hyung, Minister of Oceans and Fisheries, and consumer groups.

To reduce the burden on citizens caused by rising food prices, the government decided to inject an additional 30 billion won into government discount support for agricultural, livestock, and fishery products between this month and next. They plan to select items with strong price increases, such as cabbage and radish, weekly and provide discounts of up to 40%. Additionally, 370,000 tons of tariff-quota fruit and vegetable imports will be promptly introduced. More than 200 tons of cabbage and radish will be supplied daily to wholesale markets using government-available quantities, and direct imports from China will also be pursued.

Winter cabbage and radish prices have risen due to decreased production caused by last year's heatwave and increased storage demand from kimchi manufacturers and distributors. According to the Korea Agro-Fisheries & Food Trade Corporation (aT), the retail price of cabbage was 4,986 won per head as of the previous day, up 62.3% compared to the same period last year. The price of radish rose 86.9% to 2,958 won per piece.

Minister Song explained, "Currently, supply of major items such as livestock products and apples is sufficient, and facility-grown vegetables and fruits are at lower levels compared to last year," adding, "however, due to high temperatures and heat damage, prices of cabbage, radish, and pear are high, and price increases of raw materials such as cocoa and coffee beans make price hikes in chocolate and coffee unavoidable."

Minister Song stated, "While thoroughly managing domestic crop growth, we will implement multifaceted measures such as discount support and import expansion for agricultural products with insufficient supply," and added, "for open-field vegetables such as cabbage, radish, cabbage, and carrots, whose production has decreased, we will expand private imports using tariff quotas."

Minister Song said, "we will continue to expand support for food companies facing difficulties due to supply chain instability and exchange rate increases." He explained, "we will promote the expansion of tariff quotas on food raw materials and strive to minimize concerns about price instability through close communication with the industry."