Due to Tariff Quotas, Wholesale Prices of Bananas Down 9% and Mangoes Down 23.5%

Due to the application of tariff quotas, the wholesale prices of bananas, mangoes, and grapefruits have fallen by 9 to 23%.

On the 25th, the Ministry of Agriculture, Food and Rural Affairs announced that the wholesale prices in early December dropped by 9% for bananas, 23.5% for mangoes, and 17% for grapefruits compared to the previous month.

Regarding retail prices, mangoes fell by 14.1% compared to the previous month (from 6,065 KRW in November to 5,210 KRW in early December).

The tariff quota has been in effect from the 17th of last month until the 31st, covering bananas (30,000 tons), mangoes (1,000 tons), and grapefruits (1,300 tons). As of the 18th, 18,076 tons of bananas, 902 tons of mangoes, and 693 tons of grapefruits have been imported into the country and are being sold in the market.

An official from the Ministry of Agriculture, Food and Rural Affairs stated, "There is a cooperative atmosphere among importers and distributors in support of the government's policy to ease the burden of grocery prices." They added, "Major banana importers such as Del Monte, Dol Korea, and Sumifru lowered their delivery prices by 11 to 14% in November following the introduction of the tariff quota and plan to maintain these reduced prices throughout the tariff quota period." According to the ministry, large retailers like E-Mart and Homeplus have also announced that they will actively promote price reductions and discount events (up to 33%) on these items to ensure that the benefits of the tariff quota reach consumers.

Kim Jong-gu, Director of Distribution and Consumer Policy at the Ministry of Agriculture, Food and Rural Affairs, said, "The tariff quota on imported fruits is effectively leading to lower consumer prices and helping to cover the shortage of apples and pears caused by poor harvests." He added, "Since the supply situation of domestic fruits is unfavorable, we will do our best to discover and supply as many marketable local fruits, including imperfect fruits, as possible, and reduce consumer burdens through discount support and tariff quotas."