South Korea: As the price of domestically produced fruits fluctuates, imported fruits are booming

Published 2024년 2월 1일

Tridge summary

South Korea is experiencing a surge in imported fruit sales due to poor domestic harvests and fluctuating fruit prices. Large supermarkets such as E-Mart are capitalizing on the government's tariff reduction on imported fruits, offering discounts on items like oranges and grapefruits. The tariff rate for imported oranges has been reduced from 50% to 10%, and to 0% for five other types of fruits. As a result, E-Mart's imported fruit sales have increased by 8% compared to the same period last year, with other supermarkets like Lotte Mart and Homeplus also reporting increased sales.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

(Seoul = Yonhap News) Reporter Jeon Seong-hoon = As the prices of major domestic fruits fluctuate due to poor harvests due to abnormal weather, imported fruits are booming. Distribution channels such as large supermarkets also appear to be focusing on promotions by holding discount events all at once, taking advantage of the government's tariff reduction on imported fruits. According to the distribution industry on the 1st, E-Mart [139480] has been holding a discount promotion for imported fruits since the 26th of last month, offering oranges from California, USA, at around 1,000 won each, and grapefruits from Israel's Red Grapefruit and America's Melogold Grapefruit, each at around 2,000 won. It is on sale. It is eligible for the ‘2+1’ promotion where you get 1 additional item when you purchase 2 items. Prices are up to 33% cheaper than the same season last year. In order to stabilize household prices, the government applied tariff quotas to six types of imported fruits, ...

Source: Yna