In a strategic move to mitigate rising fruit and international oil prices, the South Korean government is set to enhance the imported fruit quota by 20,000 tons, enabling major supermarkets to undertake direct imports through allocated tariff quotas. This initiative, announced by Deputy Prime Minister Choi Sang-mok during a key economic affairs meeting, aims to streamline the supply chain and reduce consumer prices by cutting intermediary distribution costs. The government's approach includes extending diesel and compressed natural gas (CNG) subsidies until April 2024, amidst escalating global oil prices.
The revision of regulations will allow supermarkets, previously excluded from direct importation, to participate actively in the importation process. This policy adjustment is anticipated to lower the retail prices of fruits by facilitating direct access to overseas markets. Additionally, the government pledged to maintain a subsidy for domestic agriculture, offering a new shipment subsidy for select vegetables. Amidst these measures, South Korea is also committed to curbing fuel price inflation by extending fuel tax cuts and closely monitoring the oil market to prevent unwarranted price surges, alongside freezing public utility charges to cushion consumers against the backdrop of rising living costs.
Source: pulsenews.co.kr