"Cabbage Prices Finally Drop" Relief for Kimjang Season... Retailers Also Launch Discounts

Cabbage Prices Turn Downward This Month
4000 Won Difference from Average Year... Stability Expected in November
Expansion of Discount Events at Large Mart... Pre-Sales Begin

[Asia Economy Reporter Song Seung-yoon] As the price of napa cabbage, which surged last month, has started to decline this month, the burden on shopping baskets during the kimchi-making season is expected to ease somewhat.

According to the Korea Agro-Fisheries & Food Trade Corporation on the 9th, the wholesale price of napa cabbage, which had surged to 36,560 KRW per 10kg on the 6th of last month, dropped significantly to 18,720 KRW as of the 7th of this month. This is about 4,000 KRW higher than the average level of 14,174 KRW. As the second crop of highland napa cabbage began to be shipped in earnest, the volume entering the market increased, leading to a downward trend in napa cabbage prices starting this month.

The wholesale price of napa cabbage peaked in early last month and has been gradually declining since. Last month, the wholesale price of napa cabbage per 10kg soared to the 30,000 KRW range, more than doubling compared to the previous year. Due to adverse weather conditions including heavy rain, drought, and typhoons, the spread of pests and diseases increased, reducing production. Additionally, the early Chuseok holiday caused a concentration of shipments in early September.

The Korea Rural Economic Institute predicts the wholesale price of commercial napa cabbage per 10kg to average around 9,000 KRW this month. Compared to the same month last year (5,821 KRW), it is still about 1.5 times more expensive, but it is expected to drop significantly compared to the peak prices during the surge.

With the full-scale supply of autumn napa cabbage harvested from mid-month, the wholesale price of napa cabbage is expected to stabilize at average levels from next month. The cultivation area of autumn napa cabbage used for kimchi-making has also expanded compared to the previous year, and the crop condition is expected to be similar to the average. This year, the cultivation area of autumn napa cabbage is 13,617 hectares, a 1.3% increase compared to the average (13,444 hectares).

Large supermarkets have also entered a discount competition by securing additional production areas and offering pre-order sales at prices lower than market rates. Lotte Mart is accepting pre-orders for salted napa cabbage until the 2nd of next month. The salted napa cabbages offered by Lotte Mart are ‘Haenam Local Salted Napa Cabbage (20kg)’ and ‘Sanchi Ttuksim Yeongwol Salted Napa Cabbage (20kg)’, priced at 39,900 KRW and 45,900 KRW respectively. Lotte Super is also expanding its volume by about 30% compared to last year and accepting pre-orders for salted napa cabbage.

Homeplus has been offering discounts on ‘Hangadeuk Eolgari and Yeolmu’ through a price stabilization project from the 7th to the 10th. Homeplus and E-Mart plan to start pre-sales of salted napa cabbage after mid-month.

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