Recently, the price of Korean cabbage has risen significantly, with the retail average price increasing by about 50% year-on-year. Due to tight supply, several well-known food companies in South Korea have suspended some kimchi sales, and the South Korean government has decided to urgently import Chinese cabbage.
According to the data of South Korean agricultural department, due to the continuous impact of high temperature, rainstorm and typhoon weather this year, the output of Korean lettuce, Chinese cabbage and other vegetables has declined sharply, and the price has soared. Especially for Chinese cabbage, its retail average price has increased by about 50% year-on-year, and the wholesale price is as high as about RMB 172 per 10 kilograms, which has doubled compared to a month ago. This price surge has directly led to a sharp increase in the production cost of kimchi, and many kimchi companies are unable to bear the pressure and have to reduce production or suspend sales.
In this context, the top two kimchi companies in South Korea with the highest market share have announced this month that they will raise prices for their finished kimchi products by about 10%, marking their second price increase this year. However, the high prices of raw materials still make it difficult for many enterprises, and some well-known food companies have even been forced to suspend sales of some kimchi to reduce losses.
Faced with this severe situation, the South Korean government quickly responded by deciding to urgently import Chinese cabbage from China to stabilize market supply. According to the latest data from the South Korean Customs Department, the import value of Chinese kimchi increased by 27% year-on-year in the first eight months of this year, and the import value in August surged by more than 40% year-on-year. The high popularity of Chinese kimchi in the Korean catering industry has provided a good market foundation for the import of Chinese cabbage.
This Friday, the first batch of Chinese made cabbage with a scale of about 16 tons has been successfully delivered to South Korea, and the import volume will be gradually expanded according to the situation of China's production area. These Chinese cabbage will mainly be supplied to restaurants and food processing enterprises to ensure the normal production of kimchi and meet the demand of Korean people for kimchi.