Korean media: South Korean kimchi imports are expected to break the historical record, all from China!
On August 31, Korean media "Asia Economic" published an article stating that South Korea's kimchi imports reached a record high in the first half of this year. This is because, with rising prices, especially the increasing demand for relatively inexpensive Chinese kimchi from the catering industry. This year, due to abnormal temperatures such as high temperatures and delayed typhoon seasons, the price of raw materials such as napa cabbage will inevitably rise, and the reliance on imported Chinese kimchi is expected to increase further.
According to data released by the Korean Customs Service on import and export trade statistics, the kimchi import value in the first half of this year was 93.79 million US dollars, an increase of 11.2% compared to the same period last year (83.24 million US dollars). If this trend continues, the annual import value is expected to exceed 200 million US dollars for the first time, breaking the historical record. The import volume also increased by 10.1% compared to the same period last year (150,110 tons) to reach 163,148 tons, and it is certain that the import volume will exceed 300,000 tons for the second consecutive year.
However, kimchi exports remain sluggish. As of June this year, the kimchi export value was 83.24 million US dollars, a decrease of 0.7% compared to the same period last year (83.81 million US dollars). Although the import volume has been increasing year by year, the exports have stagnated, and the kimchi trade deficit has continued to expand. In the first half of this year, the kimchi trade deficit reached 10.54 million US dollars, a significant increase from 540,000 US dollars in the same period last year.
The reason for the expansion of the kimchi trade deficit is the recent increase in raw material prices, which has led to an increase in the import of Chinese kimchi. The main consumers of Chinese kimchi are restaurants, not households. In fact, all kimchi imported by South Korea comes from China. Due to the large price difference compared to domestic products in South Korea, the demand for imported kimchi is growing, especially in restaurants with higher consumption volumes.
In fact, the burden of kimchi prices is much higher than the average price. According to the Consumer Price Survey results from the Korean Statistics Agency, the price of kimchi rose by 14.2% in June compared to the same month last year, more than six times the overall consumer price increase rate (2.2%). Since November last year, the price increase rate of kimchi has remained in double digits for eight consecutive months.
Original: www.toutiao.com/article/1841972310342660/
Statement: This article represents the views of the author.