Tridge summary
Avocados have gone gold. According to hypermarkets on the 23rd, the market price of 5.5 kg of avocado this month was 30,000 won, up 27.6% from the same period last year (23,500 won). Imported grapes, which were particularly popular in the winter, also saw a significant jump in price. The price per 8 kg of grapes imported from the U.S. and Chile has increased by 22.5 percent from 40,000 won last year to 49,000 won. From avocados to bananas and mangoes, the price of tropical fruits is rising one after another this winter. Analysts say that this is because of the triple high impact of “consumption stagnation, high exchange rates, and high oil prices.” ○ Imported fruits hit by sharp exchange rate surge According to the Korea Agro-Fisheries & Food Trade Corporation, as of the 22nd, the wholesale price of 13 kg of imported bananas was 30,180 won, up 21.3% from a year ago (24,860 won). The price of 5 kg of imported mango rose 3.4 percent from 50,780 won to 52,520 won. Prices for imported lemons and Australian oranges have stabilized compared to last year as crop conditions have improved this year, but they have risen by 15.9% and 4.6%, respectively, compared to the previous year. This contrasts with the decline in the price of domestic seasonal fruits such as persimmons (-26%) and pears (-16%) over the same period. The rise in the price of imported fruits has been affected by the increase in the cost of imports and the sluggish consumption. The sharp rise in the dollar exchange rate, which is used in all procedures, from product purchase to transportation and storage, fueled cost increases. According to the distribution industry, the average exchange rate between September and November of this year rose 22.5% from last year's average. A fruit buyer at a large mart said, "Since we import goods in containers at a time, even if the exchange rate rises by 10 to 20 won, the burden becomes enormous." ○ Declining imports due to sluggish consumption, a vicious circle The fact that importers reduced their imports due to the sluggish economy also served as a catalyst for price hikes. An official from a large mart said, “There are many varieties of imported fruits whose skins turn brown when stored for a long time, and the proportion of sales compared to domestic fruits is low, so there is no reason for importers to take risks.” ..