News

The price of apples is soaring because of the climate...

Fresh Apple
South Korea
Sustainability & Environmental Impact
Market & Price Trends
Published Apr 17, 2024

Tridge summary

The Bank of Korea Governor Lee Chang-yong's suggestion to import apples as a solution to the climate change-induced supply and demand instability and rising prices has sparked controversy. Critics argue that relying on imports is not a sustainable solution amidst global agricultural disruptions and the trend of countries safeguarding their food supplies by reducing exports. The article underscores the broader impact of climate change on agriculture, leading to decreased production and increased price volatility worldwide. It calls for the exploration of long-term solutions, including technological assistance for farmers, and emphasizes the urgency of developing actionable strategies to support consumers and ensure long-term welfare, as covered by reporter Kim So-jin.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Controversy arose when Bank of Korea Governor Lee Chang-yong mentioned ‘imports’ as a way to stabilize apple prices at a recent press conference on monetary policy direction. As the world suffers from instability in the supply and demand of agricultural products due to climate change, some point out that imports cannot be a fundamental solution. Climate change is cited as the main reason for the fluctuation in apple prices. According to ‘Climate Crisis and Responses to Agriculture and Rural Areas: Spring Frost Damage’ recently published by the Korea Rural Economic Institute, while global warming has accelerated flowering, extreme weather events have gradually delayed final frost and decreased apple fruit set. As a result of the Korea Agricultural Research Institute's analysis of crop disaster insurance data, the amount of fruit set after apple thinning (red fruit) in 2023 decreased by 16.5% compared to 2022. The Korea Agricultural Research Institute's analysis is that reduced ...
Source: Nongmin
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