"Imports of Chinese Kimchi Less Than Half the Price Surge, Dominate Korean Market"

"Korea imports more kimchi than it exports"
"Kimchi import value hits all-time high for second consecutive year"

Foreign media have taken note of the sharp increase in Korea's kimchi imports, which is being driven by the influx of cheap Chinese kimchi.

On December 23 (local time), the British daily The Guardian reported, "Korea imports more kimchi than it exports," adding, "As Chinese kimchi becomes established in the Korean market, the gap continues to widen."

Imports of Korean kimchi are increasing as they are being overshadowed by cheap Chinese kimchi. The photo is for illustrative purposes and unrelated to the content. The Asia Business Daily DB.

According to export and import trade statistics from the Korea Customs Service, the cumulative value of kimchi imports from the beginning of this year through October reached 159.46 million dollars (approximately 226 billion won), a 3.1% increase compared to the same period last year (154.59 million dollars).

Although export value also increased, imports grew at a much faster rate, resulting in a trade deficit of 22.07 million dollars. This figure represents a 10.3% increase from the deficit of 20.01 million dollars recorded during the same period last year.

As a result, this year's kimchi import value is expected to hit an all-time high for the second consecutive year, following last year's record of 189.86 million dollars.

Photo to aid understanding of the article. Pixabay.

The reason Korean kimchi is losing its place on restaurant and household tables is price. Recently, due to high inflation, the price of domestically produced kimchi has surged. Consumers have no choice but to turn to Chinese kimchi, which costs less than half the price of Korean kimchi. Chinese kimchi sells for about 1,700 won per kilogram, while domestically produced kimchi is priced at around 3,600 won per kilogram, making the price difference nearly twofold.

The Guardian particularly pointed out, "Most kimchi factories in Korea are small businesses with fewer than four employees," adding, "It is difficult for them to compete with the factory-style production in China."

In an interview with The Guardian, Mr. Kim, who runs a kimchi factory in Incheon, said, "Kimchi is a representative food of Korea, but local restaurants prefer cheap imported kimchi," adding, "We have lost this market."