Cabbage prices fall during kimchi season... Jeonnam Gwangju City promotes supply and demand stabilization measures

Jeonnam Gwangju Unified Special City has prepared measures to stabilize supply and demand in response to the decline in cabbage prices ahead of the kimchi season.

According to Jeonnam Gwangju Unified Special City on the 12th, the wholesale price of cabbage as of the beginning of this month was 1,900 won per head, 42% lower than the same period last year.

The Korea Rural Economic Institute (KREI) predicts that this year's fall cabbage and winter cabbage production will increase by 3% and 11%, respectively, compared to the average year, raising concerns about oversupply during the kimchi season.

Accordingly, the Ministry of Agriculture, Food and Rural Affairs announced measures to stabilize the supply and demand of cabbage, including 64 billion won in discount support for agricultural and livestock products (up to 40%), purchase and stockpile of 10,000 tons of fall cabbage and review of additional stockpiling of winter cabbage, market quarantine of 30,000 tons, expansion of Nonghyup contract cultivation, and discount supply and export support to kimchi companies.

The integrated city is also promoting supply and demand stabilization measures in conjunction with the Ministry of Agriculture, Food and Rural Affairs projects.

We plan to provide KRW 5.8 billion in project expenses for the 30,000 tons of cabbage shipment suspension (market quarantine), and to compensate for operating expenses through the Agricultural Products Supply and Demand Control Project (Agricultural Products Stable Production Supply Support Project) and Agricultural Income Stability Insurance.

Together with the Jeonnam Regional Headquarters of Nonghyup Economic Holdings, we plan to promote consumption promotion activities such as local food and Hanaro Mart sales promotion events and discount events for kimchi ingredients, and consider additional market isolation if price declines continue after the kimchi season.

Son Myeong-do, director of the Agriculture, Food and Rural Affairs Bureau of the Jeonnam Gwangju Unified Special City, said, "As difficulties for farmers are increasing due to price declines due to oversupply of cabbage, we will respond to stabilizing supply and demand through market isolation and consumption promotion in line with government policy. We will do our best to ensure that farmers receive the right price for the cabbage they cultivate with care through systematic supply and demand management from production to shipment."