South Korea: A wave of foreign fruit attacks based on tariff quotas, etc.

Published May 15, 2024

Tridge summary

The article highlights the anticipated increase in imports of fresh fruits in May and June due to continued government quota tariffs and improved local crop conditions in exporting countries. The Korean government has already started importing over 35,000 tons of various fruits like bananas, kiwis, and cherries since March, with some items seeing a significant increase in imports year-over-year. Despite a decrease in grape and lemon imports, retailers are planning to increase the import volume of cherries, particularly from the U.S., in the coming months. This surge in imported fruits could potentially impact the pricing of new produce items such as melons, watermelons, and plums in the market.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The offensive of imported fruits is expected to intensify in May and June. This is because the introduction of government quota tariffs and direct import movements are expected to continue until June, and the local crop conditions in exporting countries for some items are understood to have improved. There are concerns about a negative impact on the price formation of new fruits and vegetables such as melons, watermelons, and plums. Kim Byeong-hwan, First Vice Minister of Strategy and Finance, said in his remarks at both the 'Emergency Economic Vice Ministers Meeting and the Price Relations Vice Ministers Meeting' held at the Seoul Government Complex recently, "We will introduce more than 35,000 tons of directly imported fruits such as bananas, kiwis, and cherries between May and June." He said. It was decided to apply a quota tariff (5%) to all grapes imported by the end of June, which were previously included in the items for which quota tariffs were introduced in April. ...
Source: Nongmin
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