Tridge summary
The Korean government has taken steps to address the issue of high fresh fruit prices by extending a tax exemption for imported fruits such as bananas, pineapples, mangoes, grapefruit, and avocados until 30 June, with no volume limits, following an earlier period of tariff-free imports under set quotas. This move, coupled with subsidy schemes with major supermarket retailers to lower consumer prices, aims to increase the supply and reduce the cost of imported fruits to consumers amidst soaring domestic produce prices due to poor weather conditions. The article also discusses the varying impacts of these measures on different fruits, noting an oversupply of pineapples, steady demand for bananas and mangoes, and shifts in supply sources for fruits like grapefruits and oranges due to seasonal changes and trade agreements. The effectiveness of these measures in stimulating the market remains uncertain, influenced by economic conditions, market dynamics, and the quality of imported fruits.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
The tax exemption on imports of bananas and other fruits is aimed at lowering prices to consumers The Korean government stepped up measures to tackle the nation’s soaring prices of fresh fruit earlier this month by extending tax exemption for imported fruits. From 4 April to 30 June, the government is allowing duty-free imports of a range of fresh fruits, with no limits on volumes. The tax exemption applies to bananas, pineapples, mangoes, grapefruit, and avocados. Between 19 January and 31 March, the government allowed tariff-free imports of these products, but under set quotas which were allocated to importers. Bananas were given the lagest tariff-free quota at 90,000 tonnes, followed by pineapples (24,000 tonnes), mangoes (8,400 tonnes), grapefruit (4,800 tonnes) and avocados (1,000 tonnes). Now, with no limits on tariff-free imports of these products, volumes are expected to increase significantly, particularly for bananas, pineapples and mangoes. Retailers discount fruit ...
Source: WTOCenter
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