500 Billion Won Invested to Stabilize Kimchi Ingredient Prices... Up to 50% Off Agricultural and Seafood Products
Kimchi Ingredient Supply Stabilization Measures
The government has decided to allocate 50 billion won to agricultural, livestock, and fishery products in order to ease the burden of consumer prices during the kimchi-making season by holding discount events.
The Ministry of Agriculture, Food and Rural Affairs and the Ministry of Oceans and Fisheries announced this plan, titled "Measures to Stabilize the Supply of Kimchi Ingredients," at the Economic Ministers' Meeting and Price-Related Ministers' Meeting held on November 4.
The government expects that there will be sufficient supply capacity for both main and supplementary ingredients due to increased production. However, it noted that the yields of napa cabbage and radish, which are still growing, could fluctuate, and that garlic and anchovy fish sauce are likely to remain expensive. The production of napa cabbage is expected to reach 1,201,000 tons, up 3.2% from the previous year, while radish production is projected to increase by 7.2% to 350,000 tons. Nevertheless, the government believes it is necessary to prepare for temporary supply-demand imbalances caused by weather conditions, which is why these stabilization measures have been introduced.
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First, the government plans to maintain a stable supply by distributing shipments of contract-farmed products through the National Agricultural Cooperative Federation and timely releasing available government stock. In addition, during the peak household kimchi-making period from mid-November to early December, the government will encourage kimchi manufacturers to minimize their procurement of kimchi ingredients.
To reduce the burden on consumers, the government will invest a record 30 billion won in agricultural and livestock products by December 3, offering discounts of up to 40% on kimchi ingredients both online and offline during the kimchi-making season. For fishery products, a record 20 billion won will be spent on the "Korea Seafood Festival - Kimchi Season Special" (November 12-30, up to 50% off) and the traditional market "Onnuri Gift Certificate Rebate Event" (November 19-23, up to 30% off).
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