The Ministry of Agriculture, Food and Rural Affairs in South Korea has imported 16 tons of cabbage from China to address the high prices within the country. This initiative aims to stabilize the cabbage market, taking into account the agricultural conditions in both China and South Korea. This marks the fifth instance of government-level cabbage imports following previous imports in 2010, 2011, 2012, and 2022.
To facilitate further private imports of cabbage, the Ministry has implemented an allocation tariff policy, reducing the tariff from 27% to 0%. Despite these efforts, the retail price of cabbage remains high, with the average price nearing 10,000 won. According to the Korea Agro-Fisheries & Food Trade Corporation, there has been a significant increase in the price of cabbage, reaching a 56.3% increase compared to the previous year.
However, there has been a recent decrease in wholesale prices, attributed to a recovery in cabbage growth due to a drop in temperature. The Ministry expresses concerns over potential supply shortages until early November, when the shipment of kimchi cabbage begins, due to the impact of prolonged high temperatures on cabbage growth.
Source: Maeil Business Newspaper