"Supply of 134,000 tons of 10 major products before Lunar New Year... 25% increase in cabbage, 3,000 tons of stock released"

"Bulgogi, Pork, and Egg Prices Up About 10% Year-on-Year"
"Cabbage Prices Up 25%... Apple, Pear, Chestnut, Jujube, and Chicken Prices Down 10%"

A vegetable store in a traditional market in Mapo-gu, Seoul. Photo by Hyunmin Kim kimhyun81@

[Sejong=Asia Economy Reporter Moon Chaeseok] The government announced that it will supply 1.4 times more of the top 10 Lunar New Year seasonal products such as napa cabbage, beef, pork, and eggs compared to normal times, aiming to release a total of 134,000 tons (t) into the market before the Lunar New Year. This increase in supply is part of price management efforts, but prices for some items like napa cabbage, beef, pork, and eggs remain higher than a year ago.

On the afternoon of the 12th, the Ministry of Agriculture, Food and Rural Affairs held a Lunar New Year seasonal product supply and demand inspection meeting at the Agricultural Observation Center’s main conference room, chaired by Kwon Jaehan, Director of the Food Industry Policy Office. Participants included the National Agricultural Cooperative Federation (NACF), Korea Agro-Fisheries & Food Trade Corporation (aT), Agricultural Center, wholesale market corporations (Daeacheonggwa, Joongangcheonggwa), and distribution companies (Emart, Lotte Mart). The ministry announced on the 6th a plan to stabilize the supply of seasonal products and is currently supplying the top 10 seasonal products at 1.4 times the usual amount. The top 10 seasonal products include napa cabbage, radish, apple, pear, beef, pork, chicken, eggs, chestnuts, and jujubes. Agricultural products will be increased by 2 times, livestock products by 1.3 times, and forest products by 1.6 times, aiming to supply a record-high 134,000 tons before the Lunar New Year. This volume is 41% more than the usual 95,000 tons.

According to the Ministry of Agriculture, Food and Rural Affairs, the amount supplied over two days from the 10th to 11th through expanded cooperation with NACF, forestry cooperatives, and livestock organizations was 18,638 tons, which is 42.8% more than the planned 13,048 tons. The ministry expects to supply 134,000 tons without disruption before the Lunar New Year.

The ministry reported that the supply and demand of Lunar New Year seasonal products are generally favorable. However, due to a decrease in cultivation area, napa cabbage production has declined, resulting in a price increase of about 25% compared to the average year. Some items such as beef, pork, and eggs have shown a price increase of around 10% compared to a year ago.

To stabilize napa cabbage prices, the ministry explained that it is releasing 3,000 tons from government stockpiles to prevent price surges. For livestock products such as pork and beef, the supply chain will be strengthened and supply and demand will be managed stably through weekend slaughtering and support for reducing slaughter fees.

Additionally, from the 24th to the 29th, the slaughter fee for Hanwoo (Korean native cattle) cows will be reduced by 150,000 KRW per head. For pigs, listing and slaughter fees will be supported at 20,000 KRW per head.

Furthermore, from the 10th to the 28th, the usage limit for agricultural and livestock product consumption coupons will be increased from 10,000 KRW to 20,000 KRW. The government will continue consumer price stabilization policies such as a 20% discount event using Hanwoo and Handon (Korean pork) self-help funds, a special 20% discount sale of 100,000 small fruit packages, and linking consumption coupons with distribution industry discount events.

Director Kwon said, "So far, the supply and demand situation for major seasonal products such as apples, pears, pork, and beef is favorable, and the supply plan is being implemented without any issues. We will closely monitor the supply and demand trends of seasonal products, take preemptive measures if any abnormal signs are detected, and continue efforts to stabilize consumer prices through discount events with consumption coupons and special discount sales of small fruits."

This content was produced with the assistance of AI translation services.