On the first of May, the price of Chinese radish was between 0.90-2.30 yuan [0.13-0.33 USD] per 0.5 kg in Beijing Xinfadi Wholesale Market. The price was only around 0.80-1.30 yuan [0.11-0.18 USD] per 0.5 kg, which means that the price increased by 52.38% in one week. The price also increased by 39.13% in comparison with this time last year when the price was 0.50-1.80 yuan [0.07-0.25 USD] per 0.5 kg.
There are several reasons for the rapid increase of the Chinese radish price: Chinese radish from Weifang in Shandong has started to enter the market. The Chinese radish previously available on the market mainly came from storage in Tangshan in Hebei and Wuqing in Tianjin. The price of Chinese radish stored this winter is higher than around this time last year because the supply volume of Chinese radish stored in autumn is relatively small. This is the result of a pattern of abundant harvests and smaller harvests in the Chinese radish industry.
There is another reason for the high price of Chinese radish: the spring supply of Chinese radish from Hebei and Tianjin is delayed because of the outbreak of COVID-19. The new harvest of Chinese radish normally arrives on the market in the middle of April, but the current harvest is much delayed. The new harvest of Chinese radish has still not entered the market.
The recent price increase is only a temporary development. When the new harvest of Chinese radish from Tianjin and Hebei enters the market in large volumes in the middle of May, then the price will be greatly reduced.
Source: Beijing Xinfadi Market Department for Statistics