Poor harvest, short supply fuel cabbage price surge in South Korea

Cabbage prices are soaring in South Korea amid poor autumn harvests and a short supply in the market, which have imposed an additional burden on people's livelihoods.

Cabbage is a key ingredient of kimchi, the country's famed fiery fermented dish which many South Koreans eat every day.

Due to the blistering summer heat and prolonged drought, cabbage grown in many parts of the country, including the main producing area Gangwon-do, suffered poor growth, rotten roots and diseases, resulting in a significant drop in output.

In the second week of this month, cabbage shipment for the largest wholesale market of farm products in the country's capital Seoul fell over 30 percent compared with the previous week. As a result, the average wholesale price of 10 kilograms of cabbage jumped 86 percent year on year to about 17.01 U.S. dollars.

"Although some cabbage hasn't fully matured, many farmers harvest them in advance when the cabbage prices are high in the market. This leads to a sharp decline in shipment from cabbage producing areas. Therefore, the vegetable's prices will remain high in the short term," said a staff member with the wholesale market.

Data from the Korea Agro-Fisheries and Food Trade Corporation showed on Tuesday that the average retail price of a head of cabbage is about about 6.47 U.S. dollars, an increase of more than 30 percent from the previous year.

The high prices have dissuaded many customers despite their wish to use them to make kimchi.

"The cabbage prices are so high that I can't make kimchi now. I'll reconsider it when the price drops," said a customer.

The country has increased cabbage imports from its neighbor China to alleviate short supply in the market.

Data from the country's Ministry of Agriculture, Food and Rural Affairs showed on Tuesday that since the end of last month, South Korea has imported 48 tons of cabbage from China, with another 54 tons to arrive via the Pyeongtaek port on Thursday.

The total cabbage imports are expected to reach 1,100 tons by the end of this month.

Poor harvest, short supply fuel cabbage price surge in South Korea

A trade compliance development event focused on emerging markets was held on Saturday in Guangzhou City, south China’s Guangdong Province, as part of the ongoing 139th China Import and Export Fair (Canton Fair).

Titled "Emerging Markets (Central Asia, Central and Eastern Europe) Trade Compliance Development Conference," the event drew nearly 100 exhibitors and trade service organizations.

At the event, participating exhibitors, trade service agencies, and think tank experts interpreted policies related to the Central Asian and Central and Eastern European markets and shared practical experiences to help Chinese companies refine their overseas strategies.

"An important task before going abroad is to objectively understand the target country and its policy environment, particularly its trade and economic policies. It is essential to establish close ties with local businesses and industries so that our international expansion can proceed more smoothly," said Feng Zhongping, director of the Institute of European Studies at the Chinese Academy of Social Sciences.

During the event, the Ministry of Commerce Research Institute released the "Trend Report on Industrial Products Going Abroad," which systematically reviewed the overall situation, regional patterns, and future directions of China’s industrial products in international markets, providing a reference for companies assessing opportunities in emerging economies.

"When industrial products are exported, the requirements are higher than those for ordinary consumer goods. This imposes stricter requirements on data, product safety, health, and various industrial standards, which push companies to raise their own standards," said Du Guocheng, director of the E-Commerce Research Institute, Ministry of Commerce.

Held in three phases from April 15 to May 5, the 139th Canton Fair brings together global buyers to explore a vast range of products at China's largest trade exhibition.

Trade compliance event held at Canton Fair