South Korea: Plums in full-fledged shipments, lower than initially expected shipments, supporting prices

Published Jun 7, 2021

Tridge summary

Plum prices in South Korea's major producing areas remain steady from last year, defying expectations of a decrease due to increased production. The average price per 10 kg in Garak Market in Seoul in the first week of June was 27,848 won, the same as last year. The higher prices in May this year compared to the same period last year were due to lower actual production and a decrease in the ratio of larger fruits. Additionally, the price of raw materials for processing has contributed to the support of plum prices. This trend is expected to continue until July, with a slight increase in price from last year.

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

Original content

While shipments of plums from major plum producing areas such as Gwangyang and Suncheon, Jeollanam-do are in full swing, it was found that the price of plums is maintaining the level of last year, contrary to expectations. Expectations that prices will be lower than last year due to increased production this year were wrong. The average price of plums traded in the first week of June at Garak Market in Seoul was 27,848 won based on 10 kg of goods. The average price in the first week of June last year was 27,801 won. Even in May, it was significantly higher than in the same period last year. The average price of plums traded in Garak Market for the month of May this year was 32,240 won per 10 kg of product, which was about 4,000 won higher than last year's 26,255 won. The reason the price of plums exceeds last year's level is because the actual production did not increase as expected due to excessive hypertrophy due to the weather. Initially, the production forecast for ...

Source: Nongmin