Cabbage Prices Plummeted in South Korea by 42% MoM on Increase Chinese Imports

The wholesale price of cabbage in Seoul has sharply dropped by 42% MoM, reaching USD 0.44/kg in Nov-23 compared to the previous month's USD 0.75/kg. This price decline is attributed to a surge in Chinese cabbage imports following low domestic production. Since Oct-2022, the controversy surrounding Chinese cabbage imports has disrupted local markets, causing significant fluctuations in cabbage prices.
The wholesale price for cabbage in the Seoul market has plummeted by 42% MoM. In Nov-23, the average monthly price for cabbage stood at USD 0.44/kg in relation to the USD 0.75/kg average price in the previous month. The price fall is directly related to the increase of Chinese cabbage imports into the country after low domestic production through the year. Since Oct-22, imports from China have been controversial. Due to the unprecedented strength of cabbage prices, the market has continued to bring cabbage to Garak Market since October of last year, causing a wrench in prices for local supply. Previously in Jul-23, there was a high price trend due to low production, but this has recently turned into a weak market, with wholesale prices plummeting due to the recovery of the autumn crop in China and the substantial increase in cabbage export to South Korea. Cabbage imports from January to September this year amounted to 4.5 thousand my, already exceeding last year's imports of 4.3 thousand mt. In the case of cabbage, more than 99% is imported from China, but imports decreased sharply in 2021 and 2022 due to the impact of COVID-19, which made it difficult for cabbage importers to enter China, but is increasing again this year.