This month, prices for major agricultural products such as napa cabbage, green onion, and apple are expected to decrease compared to a year ago. However, due to poor yields, radishes are projected to be more than 50% more expensive than last year.
On the 6th, the Korea Rural Economic Institute (KREI) forecasted in its 'May Agricultural Outlook' report that the wholesale price of napa cabbage (commercial) this month will decrease by 31.5% compared to a year ago, reaching 7,000 won for 10 kg.
Compared to the average price of the past three years, excluding the maximum and minimum prices from 2020 to last year, it is 23.6% lower. KREI predicts that prices will decrease as supply increases due to higher stockpiles of stored napa cabbage and increased production of spring cabbage.
KREI projected that the shipment volume of stored napa cabbage will increase by 39.9% compared to last year. The shipment volume of facility-grown spring cabbage and field-grown spring cabbage is expected to rise by 12.3% and 14.9%, respectively.
The supply of carrots is also expected to increase, with wholesale prices projected to fall to 31,000 won for 20 kg, down 45.1% and 9.4% compared to a year ago and the average price.
Green onions are anticipated to be priced at 1,100 won per kg, down 41.9% from last year and 36.9% lower than the average price.
Zucchini is expected to be 12,000 won for 20 pieces, down 19.5% from last year, while cherry tomatoes are forecasted to be 31,000 won for 100 pieces, falling 13.5% compared to a year ago.
Radishes are expected to maintain high prices for the time being due to poor winter radish yields. The wholesale price of radishes this month is estimated to be 25,000 won for 20 kg, which is 50.9% higher compared to last year.
A KREI official noted, "Prices are expected to drop as spring radishes will be shipped in mid-month."
Peeled garlic is expected to be priced at 8,200 won per kg, which is 20.3% higher than last year due to a decrease in last year's stock.
Among fruits and vegetables, the price of tomatoes is projected to decrease by 36.1% compared to a year ago, reaching about 10,000 won for 5 kg.
Melons are expected to be 40,000 won for 10 kg, down 3.2% from last year, while watermelons are forecasted to be priced at 2,600 won per kg, falling 14.3% compared to a year ago.
KREI noted that the wholesale prices of fruits are likely to be at a lower level compared to last year due to stable supply.
Apples (Fuji) are expected to be 65,000 won for 10 kg, down 18.3% from last year, while pears (Shingo) are projected to be 70,000 won for 15 kg, down 41.6%. However, compared to the average price, apples and pears are still 64.5% and 23.2% more expensive, respectively.
KREI estimates that the area for apple cultivation this year, reflecting the impact of forest fire damage in the Yeongnam region, will be 32,758 hectares (1 hectare is 10,000 square meters). This represents a decrease of 1.7% from last year and a 3.1% decrease compared to the average.