Kimchi Ingredient Prices Down 10% Year-on-Year
Government Distributes Available Stocks and Supports Discounts
Song Miryung, Minister of Agriculture, Food and Rural Affairs, stated on the 12th, "The cultivation area for napa cabbage and radish, which are the main ingredients for kimchi, has increased, so there are no expected supply disruptions during the peak kimchi-making season."
On this day, around 9 p.m., Minister Song visited Garak Market in Songpa-gu, Seoul, to check the shipment status and wholesale prices of key kimchi ingredients such as napa cabbage, radish, and green onions.
Song Miryung, Minister of Agriculture, Food and Rural Affairs (right), visited Garak Market located in Songpa-gu, Seoul on the 12th to check the shipment status and wholesale prices of key kimchi ingredients such as napa cabbage, radish, and green onions. Ministry of Agriculture, Food and Rural Affairs
Minister Song said, "This year, the prices of kimchi ingredients are more than 10% lower compared to the same period last year. However, since crop conditions have been somewhat poor due to frequent autumn rains, and if temperatures drop sharply, shipments could be delayed and the supply-demand situation could change rapidly. Therefore, please manage crop conditions thoroughly."
The consumer price of napa cabbage has increased slightly compared to last year, but prices for radish and dried chili peppers have fallen. According to the Korea Agro-Fisheries & Food Trade Corporation, as of the 12th, the consumer price for one head of napa cabbage (standard grade) was 3,447 won, up 0.9% from the same period last year. During the same period, one radish (standard grade) was 2,054 won, down 20.4%, and 600 grams of dried chili peppers were 16,400 won, a decrease of 9.0%.
The government expects this year’s napa cabbage production to reach 1,201,000 tons, up 3.2% from the previous year, and radish production to reach 350,000 tons, an increase of 7.2%. However, the government also sees the need to prepare for temporary supply-demand imbalances due to weather conditions and announced the 'Kimchi Ingredient Supply Stabilization Measures' on the 4th. To ensure stable supply, the government is distributing its available stock, including 47,000 tons of napa cabbage and radish, and is promoting discounts on kimchi ingredients by investing a record 50 billion won.
In addition, Minister Song asked wholesale corporations and intermediate wholesalers to cooperate so that the 'Agricultural Product Distribution Structure Improvement Measures' announced in September this year can deliver results early. These measures include introducing a 'shipment price compensation system' to guarantee a minimum price to suppliers and expanding the proportion of 'reservation-based fixed price and quantity transactions,' where transaction terms such as volume and price are negotiated before products enter the market, from 5.4% in 2024 to 10% in 2027, to strengthen the public interest role of wholesale corporations and to reduce price volatility at the wholesale stage.
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