South Korean Cabbage Price Down 29% MoM on Increased Fall Harvest and Low Demand

The average monthly price of cabbage in the Seoul market decreased by 29% MoM to USD 0.65/kg in May. The increase in local cabbage production from the fall harvest and the increased volumes of Chinese imports have increased cabbage availability in the country. Furthermore, the increased supply comes when there is slow demand for cabbage, supporting the decrease in prices.
The increase in local cabbage production from the fall harvest and the increased volumes of Chinese imports have reduced the price of cabbage in South Korea. The average monthly price of cabbage in the Seoul market decreased by 29% MoM to USD 0.65/kg in May. The decrease is also supported by the low demand in the market at this time of the year. South Korean cabbages doubled in price in the 2022 summer due to a severe decrease in production aggravated by the country's economic inflation. However, the fall cabbage production this year was 17.9% more than the previous year and was also the highest in the last four years. Furthermore, Chinese cabbage shipments are estimated to rise 7.3% YoY in March as Chinese cabbage production has increased in spring. It is also important to mention that cabbage demand is low at this time of the year, as kimchi preparations typically does not start until November when cabbage reaches its peak in demand.