South Korea Vegetables insights

(Seoul = Yonhap News) Reporter Kim Yun-gu = The Korea Rural Economic Institute forecasted that this year's fall cabbage production will decrease by 5% compared to last year, and that cabbage prices this month could rise by more than 20%.  According to the Rural Economic Institute's November observation report on the 10th, this year's fall cabbage cultivation area decreased by 2.7% compared to last year to 12,796 hectares (1 hectare = 10,000 m2) due to high temperatures and drought during the regular planting period.  Due to the high temperatures, the initial crop yield was poor, and unit production also decreased by 2.3% compared to last year.  Accordingly, this year's fall cabbage production is expected to be 1.18 million tons, 5.1% less than last year.  Cabbage from the Honam region, including Haenam, the largest producer of fall cabbage, will be shipped in earnest this month.  The Korea Rural Economic Institute forecasted that the wholesale price of cabbage this month will be around 8,000 won per 10 kg, half of the previous month (19,000 won), but about 24% higher than a year ago (6,453 won). This is about 12% higher than the average year.  The Ministry of Agriculture, Food and Rural Affairs forecasted that cabbage prices will approach the average year after the middle of this month, when the full-scale kimchi season begins.  The Korea Rural Economic Institute forecasted that winter cabbage production will be 240,000 tons, similar to last year, but down 3.7% from the average year.  Autumn radish production is expected to be 373,000 tons, down 15.8% from last year and down 5.5% from the average year.  This is because the cultivation area decreased due to the decline in prices during the shipping season (November to December) last year, and production was sluggish due to high temperatures and drought during the sowing season (August to September).  Winter radish production is expected to be 333,000 tons. This is a decrease of 5.9% from last year and 12.1% from the average year. The wholesale price of radish (product) this month is expected to fall to 17,000 won per 20 kg, down from the previous month (23,740 won). This is 1.5 to 2.3 times higher than the average year (11,252 won) or last year (7,446 won).

(Seoul = Yonhap News) Reporter Kim Yun-gu = Last month, ahead of the kimchi season, the prices of cabbage and radish, ingredients for kimchi, were found to be more than 50% more expensive than the same month last year. However, the price of cabbage has been on a downward trend since the latter half of last month and is currently below 5,000 won per head. According to the consumer price survey results for October by Statistics Korea on the 5th, agricultural and livestock products whose prices increased compared to the same month last year include cabbage (51.5%), radish (52.1%), lettuce (49.3%), pumpkin (44.7%), tomatoes (21.3%), and pork (4.7%). Vegetables rose 15.6% from a year ago, the highest increase since October 2022 (22.1%). In particular, the increase in cabbage and radish, ingredients for kimchi, was notable. Cabbage and radish had high prices until mid-October due to poor growth caused by the heat wave that continued until mid-September. Then, from late October, weather conditions improved and shipments increased, leading to a downward trend in prices. The average retail price per cabbage head dropped from 8,877 won in mid-last month to 7,422 won in late last month, and as of the 4th, it fell below 5,000 won to 4,810 won. The retail price of radish was 3,525 won in late last month, but recorded 3,019 won on the 4th. Cabbage and radish prices are continuing to fall as autumn cabbage shipments increase. Park Soon-yeon, the director of distribution and consumption policy at the Ministry of Agriculture, Food and Rural Affairs, said, "After the middle of this month, when the full-scale kimchi season begins, it will stabilize further and approach the average level." Lettuce prices soared in early last month due to flood damage in major production areas such as Iksan, Nonsan, and Buyeo caused by heavy rain in late September. However, they began to decline in mid-last month. Vegetables such as tomatoes and pumpkins are expensive due to poor crop yields caused by insufficient sunlight. Pork prices rose last month as the number of slaughtered pigs decreased due to slow weight gain caused by the heat wave. The recent outbreak of African swine fever may affect wholesale prices for a while due to the suspension of movement. The Ministry of Agriculture, Food and Rural Affairs is intensively supplying 24,000 tons of cabbage and 9,000 tons of radish under contract farming in preparation for the kimchi season, and is stockpiling seasoned vegetables such as garlic.

Cabbage and radish prices rise by 50% in October, "Stabilizing during the kimchi season in the middle of this month".