The government will support distribution companies with shipping incentives to stabilize the prices of napa cabbage and radishes, which are highly priced at the beginning of the year. To prevent illegal distribution practices such as hoarding and collusion aimed at the peak season of the Lunar New Year holiday, a special inspection team comprising relevant ministries will be established for thorough inspections.
On the morning of the 9th, the government discussed the '2025 Lunar New Year measures' at a meeting of ministers in charge of national affairs and economic relations. During the meeting, it was confirmed that 265,000 tons of 16 essential items for the Lunar New Year will be supplied, the largest amount ever, and a government discount support plan worth 90 billion won was also approved.
Choi Sang-mok, acting President and Minister of Strategy and Finance, said at the meeting, "I ask all ministries to do their utmost for the stability of people's livelihoods and price stability of essential goods for the Lunar New Year," and noted, "In particular, since prices of some agricultural products like napa cabbage and radishes remain high, I urge special efforts for supply and demand stability."
According to the Ministry of Strategy and Finance, recent winter napa cabbage and radish prices are high compared to average levels. As of the 8th, the average price of one napa cabbage is 5,367 won, which is 52.1% higher than the average and 69.7% more than last year. The price of one radish is 3,415 won, reflecting an increase of 81.1% compared to the average and 89% compared to last year.
In response, the government decided to release a total of 11,000 tons of available government stock and shipping control resources into the Garak Market at a rate of over 200 tons per day, in preparation for a supply shortage of napa cabbage and radishes during the Lunar New Year peak season and winter.
Currently, due to expectations of further price increases, distributors and kimchi companies are increasing stored amounts while reducing market supply. Therefore, the government has decided to provide shipping incentives to distributors and kimchi companies. A joint inspection team will be organized to also prevent hoarding and collusion.
According to the Korea Rural Economic Institute, the area cultivated for napa cabbage in spring is expected to increase by 4.7% compared to last year and by 2.5% compared to the average. Spring radish cultivation is also expected to grow by 6.3% compared to last year and by 2.9% compared to the average. A Ministry of Strategy and Finance official stated, "We expect the supply and demand for spring napa cabbage and radishes to stabilize," and added, "We plan to do our best for the stability of the next crop production by expanding contract cultivation and promoting government purchasing agreements."