Kimchi imports from South Korea hit record high in January-March... Abnormal weather and weak won may be to blame

The amount of kimchi imported into South Korea in the first quarter of this year hit a record high, due to the rise in raw material prices caused by abnormal weather and the weakening won against the dollar. As imports surged, the trade deficit for kimchi also widened.
According to import and export statistics released by the Korea Customs Service on the 18th, the amount of kimchi imported in the first three months of this year was $47.56 million (approximately 6.9 billion yen), up 16.7% from $40.75 million in the same period last year.
Import weight for the same period was 8,097 tons, an increase of 10.1%. Due to the weak won, the growth rate of import value exceeded the growth rate of weight.
Import value and weight reached a new record high last year, and are on the rise again this year.
The import value of tuna was $189.86 million, up 16.1% from $163.58 million in the previous year. The import volume was 311,570 tons, up 8.7% from the previous year (286,545 tons).
Last year's kimchi exports also reached a record high of 163.57 million US dollars, up 5.1% from the previous year, but imports surged even more.
As a result, China's trade deficit with Kimchi reached $22.69 million last year, nearly three times the level of the previous year ($7.98 million).
The company temporarily turned a profit in 2021 when imports fell, but has been in the red for three consecutive years since then. Almost 100% of imported kimchi is produced in China and is mainly used in restaurants.
The reason for this is the price hike due to a slump in production of Chinese cabbage, the raw material. The high temperatures last fall and the cold winter caused a drop in the production of winter cabbage. Last year's production of autumn Chinese cabbage was also poor, and the unusually hot weather in highland areas also led to a drop in the production of summer Chinese cabbage.
According to the Korea National Statistical Office's consumer price trend (last month), the price of Chinese cabbage rose 15.6% compared to the same month last year, and kimchi rose 20.7%.
Overall, the average retail price of one head of cabbage last month was 5,442 won (about 566 yen), up 24% (more than 1,000 won) from the previous year.
In the midst of this, some kimchi manufacturers are cutting prices of their main ingredients, such as Chinese cabbage and radishes,
Lotte Hotels & Resorts has increased the prices of cabbage kimchi and other products it sells online by 11% last month. The company explained that this was due to a "skyrocketing price of raw materials such as cabbage."