Korea extends tariff exemption for imported fruits

The South Korean government has extended until the end of September the tariff exemption for ten imported fruits, a measure initially planned until June. Choi Sang-mok, deputy prime minister and finance minister, announced the extension as part of strategies to mitigate food inflation.

 

The exemption includes bananas, pineapples, mangoes, grapefruit, kiwis, avocados, mangosteens, cherries, durians and mandarins, which will enjoy zero tariffs until 30 September. During a ministerial session on 4 June, Choi noted that inflation in May was 2.7%, down from 2.9% in April and 3.1% in March, underlining the continued fight against rising prices.

 

In addition, the government has increased the list of exempted fruits to 28, including fresh and frozen varieties. 

 

Korean experts also indicate that many importers tried to take advantage of the exemption before its expiry in June by importing large quantities of South African grapefruit. With the extension, the market is now experiencing oversupply.

 

With the extension, a significant increase in Australian orange arrivals is expected from 25 June, which is likely to result in an oversupply in the market.