South Korean media: South Korea's kimchi import hits a record high, and almost all of it comes from China.

South Korean media: South Korea's kimchi import volume hits a record high, "almost all from China"!

On June 4, the South Korean newspaper "Busan Daily" published an article stating that due to the continuous high prices of Chinese cabbage in the first quarter of this year, the kimchi import volume during this period hit a record high.

According to the import and export statistics recently released by the South Korean Customs Office, the kimchi import amount reached $47.56 million from January to March this year, a 16.7% increase compared to the same period last year ($40.75 million). The import volume was 8,097 tons, an increase of 10.1%.

Last year, the kimchi import volume in South Korea set a record high, but it continues to increase this year.

The kimchi import amount last year increased by 16.1% compared to the previous year ($163.58 million) and reached $189.86 million.

Last year, the kimchi export amount increased by 5.1%, reaching $163.57 million, setting a new record. However, the growth rate of the import amount was larger. Therefore, the kimchi trade deficit expanded to $22.69 million last year, almost triple that of the previous year ($7.98 million).

Almost 100% of South Korea's imported kimchi comes from China. It is mainly used in restaurants.

The biggest reason for the sharp increase in kimchi imports in the first quarter was the high price of Chinese cabbage.

Due to higher autumn temperatures and colder winters, the production of Chinese cabbage last winter decreased. Last year, due to the high temperature, the summer cabbage yield in high-altitude areas decreased, causing the price of Chinese cabbage to remain unstable throughout the year.

According to the consumer price trend in April, Chinese cabbage was 15.6% higher than the same month last year, and kimchi was up by 20.7%.

According to the statistics of the Korea Agro-Fisheries & Food Trade Corporation, the average retail price of a Chinese cabbage last month was 5,442 won (approximately 28 RMB), an increase of more than 24% compared to last year.

Due to the rise in the prices of raw materials such as Chinese cabbage and radish, some companies have also raised the price of kimchi.

Source: https://www.toutiao.com/article/1834005267364876/

Disclaimer: This article only represents the views of the author.