Salted shrimp prices rise 32.5% in Korea as cabbage and radish get cheaper

Salted shrimp prices in South Korea have risen by about a third from a year earlier ahead of the kimchi-making season, even as retail cabbage and radish have become cheaper. Yonhap and Chosun Ilbo, citing the Korea Agro-Fisheries & Food Trade Corporation, reported that salted shrimp cost 20,269 won per kilogram on October 16, up 32.5% year on year. Anchovy fish sauce cost 6,268 won per kilogram, an increase of about 3%. Newsis reported similar figures for both seasonings. [ 1 , 2 , 3 ]

Retail cabbage was priced at 5,557 won per head, down about 10.3% from a year earlier, while radish cost 2,262 won each, down about 7.1%. Yonhap reported that the Korea Rural Economic Institute expected October cabbage shipments to rise 2.1% year on year as delayed summer supplies overlapped with autumn shipments. Autumn radish production was forecast at 345,000 tonnes, up 3.2%. An agriculture ministry official said vegetable prices appeared likely to remain stable, although weather changes later in the month could affect that outlook. [ 1 , 2 , 3 ]

Salted shrimp production in January-August was about 9,500 tonnes, down 3.5% from a year earlier, Yonhap and Chosun Ilbo reported. They attributed much of the price increase to reduced output, particularly since July, noting that the product normally matures for three to six months before consumption. A fisheries ministry official told Yonhap there was little reason to expect prices to fall before the kimchi-making season. The agriculture and fisheries ministries plan measures from November 9 that are expected to include expanded supplies and discount events to reduce consumers' ingredient costs. [ 1 , 2 ]