Cabbage prices are soaring in South Korea amid poor autumn harvests and a short supply in the market, which have imposed an additional burden on people's livelihoods.
Cabbage is a key ingredient of kimchi, the country's famed fiery fermented dish which many South Koreans eat every day.
Due to the blistering summer heat and prolonged drought, cabbage grown in many parts of the country, including the main producing area Gangwon-do, suffered poor growth, rotten roots and diseases, resulting in a significant drop in output.
In the second week of this month, cabbage shipment for the largest wholesale market of farm products in the country's capital Seoul fell over 30 percent compared with the previous week. As a result, the average wholesale price of 10 kilograms of cabbage jumped 86 percent year on year to about 17.01 U.S. dollars.
"Although some cabbage hasn't fully matured, many farmers harvest them in advance when the cabbage prices are high in the market. This leads to a sharp decline in shipment from cabbage producing areas. Therefore, the vegetable's prices will remain high in the short term," said a staff member with the wholesale market.
Data from the Korea Agro-Fisheries and Food Trade Corporation showed on Tuesday that the average retail price of a head of cabbage is about about 6.47 U.S. dollars, an increase of more than 30 percent from the previous year.
The high prices have dissuaded many customers despite their wish to use them to make kimchi.
"The cabbage prices are so high that I can't make kimchi now. I'll reconsider it when the price drops," said a customer.
The country has increased cabbage imports from its neighbor China to alleviate short supply in the market.
Data from the country's Ministry of Agriculture, Food and Rural Affairs showed on Tuesday that since the end of last month, South Korea has imported 48 tons of cabbage from China, with another 54 tons to arrive via the Pyeongtaek port on Thursday.
The total cabbage imports are expected to reach 1,100 tons by the end of this month.
Poor harvest, short supply fuel cabbage price surge in South Korea
China is accelerating the commercialization of marine scientific and technological achievements and fostering new quality productive forces by boosting support for small and medium-sized enterprises (SMEs) in the marine sector, with a focus on investment and financing to drive industry growth.
The development of marine industries is marked by substantial investments, high risks, and slow returns. However, with strong national support, some companies, such as Zhejiang Startest Marine Science and Technology Co., Ltd. in east China, have achieved notable success.
The company is a national high-tech enterprise specializing in the independent research and development of underwater sonar detection equipment and underwater information data systems.
It now holds more than 210 intellectual property rights for its designs.
"We are now fully capable of replacing similar foreign imported products with our own ones, thereby overcoming the bottleneck in production caused by foreign product embargoes," said Su Xiaoyang, president of Zhejiang Startest Marine Science and Technology Co., Ltd.
While some marine SMEs, such as Shenzhen HiCloud Data Center Technology Co., Ltd., China's first underwater data center equipment and service provider, have mastered core technologies, a gap remains compared to international standards. As a result, continuous investment is necessary for them to overcome critical technological challenges.
"The Underwater Data Center Pilot Project is a new infrastructure initiative requiring a significant initial investment and scale effects. However, both users and investors in the market still lack a comprehensive understanding of the project's strategic significance, including the technical risks associated with emerging technologies," said Pu Ding, general manager of the Underwater Data Center Pilot Project in Hainan under Shenzhen HiCloud Data Center Technology Co., Ltd.
To address the challenges faced by marine SMEs in securing investment and financing, the Ministry of Natural Resources (MNR), along with the Shenzhen Stock Exchange, has organized a series of roadshows since 2016. Over 200 marine SMEs and innovation teams have participated, securing more than 3 billion yuan (around 409.8 million U.S. dollars) in financing.
In addition to these efforts, the MNR, in collaboration with the Shanghai Stock Exchange, launched China Ocean Economy Stock Price Index in 2024, covering 20 marine and related industries.
"This is the first domestic comprehensive index in the marine sector, covering all the markets of Shanghai, Shenzhen, Beijing, and Hong Kong. It provides timely insights into the operational performance of listed companies in the marine industry and plays an important role in promoting the efficient allocation of financial capital to the marine real economy," said Feng Lei, deputy director of the Ocean Strategic Planning and Economic Department under the Ministry of Natural Resources.
Small marine firms accelerate commercialization of sci-tech achievements under greater policy support
