"Rising and Rising"... The World's Most Expensive Korean Apples and Potatoes Prices

Onions and Tomatoes Rank 2nd Worldwide
Living Costs Emerge as Key Issues in General Election

Recently, the price of apples in South Korea has soared to become the highest among 95 major countries.

According to Numbeo, a major international price comparison website, on the 26th, the price of apples in South Korea was recorded at $6.82 per kilogram (approximately 9,124 KRW). This is the highest amount among the 95 countries surveyed.

South Korea's apple prices were found to be more expensive than those in Japan, the United States, and Singapore, where overall living costs are generally higher. In the same survey, the United States ranked 4th at $5.31, Japan 7th at $4.50, and Singapore 8th at $4.21.

[Image source=Pixabay]

The primary reason for the sharp rise in apple prices is a drastic decrease in production volume. Due to the impact of the climate crisis, poor agricultural yields have reduced supply, leading to a surge in prices.

Last spring, cold damage (such as frost and freezing) reduced the number of fruit sets, and frequent heavy rains and downpours during summer increased fruit drop. Additionally, during the harvest season, occurrences of diseases such as anthracnose and ring rot increased. As a result, apple production dropped by 30% compared to the previous year, reaching only 394,000 tons.

In addition to apples, South Korea also ranked first globally in prices for other agricultural products such as bananas ($3.45 per kg) and potatoes ($3.94). Tomatoes ($5.47) and onions ($2.96) ranked second.

Because of this, the cost of living has emerged as one of the main issues in the upcoming general election, which is 11 days away. On the 18th, President Yoon Suk-yeol emphasized at a livelihood economy inspection meeting held at the Nonghyup Hanaro Mart Yangjae branch in Seocho-gu, Seoul, that “all efforts will be made to bring apple prices down to normal levels.”

He added, “The government will immediately implement extraordinary measures focused on agricultural products to reduce grocery prices.” In fact, following the government's measures to ease food price burdens, the price of green onions has dropped by 25.8% over the past two weeks.

President Yoon Suk-yeol is conducting an on-site inspection of fruit prices at the Nonghyup Hanaro Mart Yangjae branch fruit section in Seocho-gu, Seoul on the 18th. [Image source=Yonhap News]

According to the Korea Agro-Fisheries & Food Trade Corporation (aT)’s ‘Recent Price Change Rates of Agricultural, Livestock, and Marine Products’ as of the 29th, apple prices fell by 14.3% compared to the two-week average, green onions by 25.8%, cucumbers by 26.4%, and strawberries by 15.2%. Korean beef dropped by 15.0%, and chicken by 1.9% during the same period. Hairtail fish decreased by 20.0%, mackerel by 6.7%, and both yellow croaker and pollock fell by 6.2% and 9.1%, respectively.

Meanwhile, on the 2nd, the Korea Rural Economic Institute projected in its Agricultural Outlook 2024 report that the apple cultivation area this year will remain similar to last year at 33,800 hectares but is expected to decrease by about 1% annually to 30,900 hectares by 2033. This corresponds to a reduction of 2,900 hectares (8.6%) over nine years, equivalent to about 4,000 soccer fields (0.714 hectares each).

As the cultivation area decreases, apple production is also expected to decline. The Rural Economic Institute forecasted that production will drop from 502,000 tons this year to around 485,000 tons by 2033. Due to the gradual decrease in production, per capita consumption of apples (Fuji variety) is expected to decline from 9.7 kg this year to 9.5 kg in 2033.