Duty-free bananas, pineapples, and mangoes landing soon in South Korea

Published 2022년 11월 9일

Tridge summary

The Ministry of Strategy and Finance in South Korea is set to release tariff-free bananas, pineapples, and mangoes on the market to address the impact of imported fruits on domestic production. This is part of a larger plan to expand quota tariffs on 10 items, including heating fuels and aquatic products, to stabilize living costs due to high oil prices and exchange rates. The ministry's decision was driven by the significant price increases of these tropical fruits. However, concerns have been raised about the potential negative impact on the domestic fruit market, with reports of weak market prices for grapes, persimmons, and tangerines due to economic downturn and quality issues.

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

Original content

Ministry of Strategy and Finance promotes price stabilization measures Harvest season farmhouse worries Taesan It is expected that “tariff-free bananas, pineapples, and mangos” will be released on the market as early as the 10th. During the full-fledged fruit harvest season, imported fruits at low prices were distributed, causing an emergency in domestic production areas. Earlier, on October 28, the Ministry of Strategy and Finance released a plan to expand the quota tariffs to stabilize the daily life of the common people during the winter season. This is because it is judged that measures to stabilize the lives of ordinary people are urgently needed as the burden of heating costs for the working class and uncertainty about the price of shopping carts continue due to high oil prices and high exchange rates. Accordingly, quota tariffs will be applied to 10 items, including heating fuels such as liquefied natural gas (LNG) and liquefied petroleum gas (LPG), and aquatic products ...

Source: Nongmin