This month, the Korea Rural Economic Institute (KREI) anticipates a decrease in prices for key agricultural products like napa cabbage, green onion, and apple, compared to the previous year. However, radish prices are projected to rise by over 50% due to lower yields.
According to the 'May Agricultural Outlook' report, the wholesale price of napa cabbage is expected to drop by 31.5%, reaching approximately $5.20 for 10 kg. This is 23.6% lower than the three-year average price, excluding extremes from 2020 to last year. The decrease is attributed to increased supply from higher stockpiles and greater spring cabbage production.
The shipment volume of stored napa cabbage is predicted to rise by 39.9% year-on-year. Facility-grown and field-grown spring cabbage shipments are expected to increase by 12.3% and 14.9%, respectively.
Carrot supply is also projected to grow, with wholesale prices expected to fall to around $23.00 for 20 kg, a reduction of 45.1% from last year and 9.4% from the average price. Green onions are anticipated to be priced at $0.82 per kg, reflecting a 41.9% decrease from last year and 36.9% below the average price.
Zucchini prices are forecasted at $8.95 for 20 pieces, a 19.5% decrease, while cherry tomatoes are expected to be $23.10 for 100 pieces, down 13.5% from last year.
Radish prices remain elevated due to poor winter yields, with wholesale prices estimated at $18.60 for 20 kg, a 50.9% increase from last year. A KREI official remarked, "Prices are expected to drop as spring radishes will be shipped in mid-month."
Peeled garlic is projected at $6.11 per kg, 20.3% higher due to reduced stock from last year. Tomato prices are expected to decrease by 36.1%, reaching about $7.45 for 5 kg.
Melon prices are forecasted at $29.80 for 10 kg, a 3.2% decrease, while watermelons are projected at $1.94 per kg, down 14.3%. KREI noted that fruit prices are likely to remain lower due to stable supply.
Fuji apples are expected to be $48.50 for 10 kg, a decrease of 18.3%, while Shingo pears are projected at $52.30 for 15 kg, down 41.6%. Despite these decreases, apples and pears remain 64.5% and 23.2% more expensive than average, respectively.
KREI estimates the apple cultivation area will decrease by 1.7% to 32,758 hectares, influenced by forest fire damage in the Yeongnam region, representing a 3.1% decrease from the average.
Source: ChosunBiz