In South Korea, March witnessed unprecedented import volumes of pineapples and mangoes, attributed to governmental strategies aimed at mitigating the high prices of domestic apples through the diversification of consumer demand. The Korea Customs Service reported that pineapple imports surged to 8,686 tons, valued at $8.68 million, a 44.7 percent increase from the previous year. Concurrently, mango imports saw a significant rise, reaching 6,264 tons, worth $24.74 million.
This period also observed increased imports of other fruits like bananas and oranges, totaling 38,404 tons and 38,000 tons, respectively. The augmented supply of these fruits has led to a decrease in their market prices. Specifically, the price of a pineapple decreased by 9.9 percent from March and by 7.7 percent year-on-year. The government's initiative to expand imported fruit supply since March aims to address the soaring prices of apples and pears, the country's most favored fruits. Despite these efforts, the retail price for 10 apples showed a 19 percent decrease from March's peak, but was still 9.9 percent higher than the previous year. Conversely, the price for 10 pears escalated by 10 percent from March, marking a 73 percent increase from the preceding year.
Source: koreaherald.com