South Korea extends tariff exemption for imported fruits

The Korean Government announced that it will extend the tariff exemption for ten imported fruits until the end of September. According to AsiaFruitnet, the tariff exemption was due to expire at the end of June, but Choi Sang-mok, vice-premier and minister of Finance, announced last week its intention to extend the program as part of the government's efforts to combat food price inflation. Bananas, pineapples, mangoes, grapefruits, kiwis, avocados, mangosteens, cherries, durians and mandarins will benefit from zero import duty until September 30. At a ministerial meeting on prices held on Tuesday, June 4, Choi said consumer prices, a key indicator of inflation, rose 2.7% in May from a year earlier. Although this represents a slight decrease from the previous month (2.9%), after reaching a peak of 3.1% in March, Choi stated that the battle to curb inflation is far from over. “The inflation rate has decreased to 2%, but the general price level has increased, causing difficulties in ...