BEIJING, Oct. 19 /PRNewswire-Asia/ -- Recently, a South Korean kimchi crisis has spread to China. After the crisis some dealers in northeast China have rushed purchasing which has caused Chinese cabbage prices to soar. Vegetable farmers, dealers and export companies are benefitting from this crisis.
The recent rise in Chinese cabbage prices is mainly because of a reduction in production. South Korea's demand for Chinese cabbage also highly affects the price.
South Korea, this autumn, imported 0.1 million tons of cabbage from China, but that only accounts for a small portion of China's cabbage production. Last year, an acre of land produced 5,000 kilograms of cabbage. This year's yield is 4,000 kilograms per acre. This year, Chinese cabbage planting acreage in Shandong province is more than 3 million mu. Affected by abnormal weather, it is expected that the yield will be down around 20%.
South Korea's emergency import of Chinese cabbages caused obvious price increases. In September, from Hebei, Inner Mongolia and other places cabbage price was 669 RMB per ton. Since entering October, prices have increased to 800 RMB per ton -- each ton up about 200 RMB.
In fact, Shandong's market for Chinese cabbage has increased from 0.96 RMB per kilogram in early October to its current 1.32 RMB per kg. Within ten days Chinese cabbage prices increased more than 40%.
Affected by this, some of Shandong province's vegetable farmers have started an early harvest of immature cabbage. Currently, local Chinese cabbage sells at about 1.40 RMB per kilogram. Compared with the same period last year, this is an increase of more than double the price.
In addition, since this year's cabbage sowing season, transportation costs have increased, causing cabbage prices to increase further.
Currently in the South Korean market, cabbage prices have climbed to their summit. With the South Korean cabbage market gradually becoming saturated, local Chinese cabbage prices should drop at any time.
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