By Anjali Sharma
WASHINGTON – The data showed on Monday that South Korea’s imports of fresh fruits hit a record high last year after poor harvests caused by climate change and rising demand.
According to the data compiled by the Korea Rural Economic Institute the country’s imports of 12 kinds of fresh fruits came to US$1.45 billion in 2024, up 20.1 per cent from a year earlier.
It marked the largest amount with the record set in 2018, when the inbound shipment of fruits came to $1.33 billion, media reported.
The 12 kinds of fruits include bananas, mangoes, pineapples, oranges, cherries and kiwis, it said.
The growth in imports came as the country experienced a supply shortage of fruits due to poor harvests after unfavorable weather conditions, leading to high fruit prices.
The government has reduced tariffs on fruit imports to meet increasing demand and rein in inflation.
“Imports of fruits are projected to rise further, as domestic production of fruits will trend downward in the long run given weather conditions and the constant fall in their cultivation area,” a KREI official said.
The institute expected total imports of fruits, including frozen fruits, to climb 6.8 percent on-year to 817,000 tons this year.
South Korea’s import prices rose for the fourth consecutive month in January due mainly to the weak local currency and high global oil prices, central bank data showed.
According to the preliminary data from the Bank of Korea the import price index climbed 2.3 per cent last month from a month earlier.
The figure advanced 6.6 per cent in January from last year.
According to the BOK, import prices of raw materials increased 4.4 per cent on-month in January, and those of intermediate goods gained 1.6 per cent.
Import prices are major factor that determine the path of the country’s overall rate of inflation, data stated.
The government data showed that consumer prices, a key gauge of inflation, rose by the largest margin in six months of 2.2 per cent on-year in January.
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