July 14 – Scorching temperatures are taking a bite out of South Korea’s agricultural sector, sending prices for key produce soaring.
The country is currently in the grip of a heatwave, and as reported by local media on July 13, this extreme weather is impacting the availability and cost of staples like watermelons, napa cabbage, and radishes.
As of July 11, the average retail price for a South Korean watermelon had climbed to 29,115 won (approximately $22.50 USD), a staggering 36.5% increase compared to the same period last year, and a 22.5% jump from just one week prior. Retail analysts expect prices to continue their upward trajectory, driven by heightened demand during the prolonged heat and a sluggish growing season in June due to insufficient sunlight. This combination of factors is creating a perfect storm in the watermelon market.
Napa cabbage and radishes, known for their price volatility during the summer months, are also experiencing a price surge. Retail prices for napa cabbage landed at 4,309 won (around $3.30 USD), while radishes are selling for 2,313 won (approximately $1.80 USD). Within a single week, napa cabbage prices have surged by 27.4%, and radishes have jumped 15.9%.
The South Korean government, bracing for potential crop losses due to the persistent heatwave, has announced its intention to implement measures aimed at stabilizing supply and demand. While the specific details of these measures remain to be seen, they are likely to involve interventions in the market to control prices and ensure adequate access to essential produce.
The price hikes have sparked considerable reaction online, with some social media users quipping about the eagerness of Korean tourists to consume watermelons upon arriving in countries with lower prices. The stark contrast highlights the inflationary pressures impacting the South Korean consumer and underscores the vulnerability of agricultural supply chains to extreme weather events.
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