SEOUL, July 14 (Korea Bizwire) — A bit of bad news for American farmers producing and exporting navel oranges to South Korea – sweet and juicy navel oranges, one of the most popular fruits among many South Koreans, will be much cheaper as tariffs on Australian navel oranges will drop to zero percent this year.
During the summer season, fruit lovers in the country cannot find navel oranges at big discount retailers because May is generally the end of the navel orange season in the U.S.
As opposed to the season for American navel oranges, Australian navel oranges are typically harvested later in the year. From July to September, the country’s oranges are in full flavor, so during the summer many Koreans are able to gratify their appetite for the sweet fruit.
The Korea-Australia Free Trade Agreement (KAFTA) entered into effect on Dec. 12, 2014. Initially, tariffs on Australian navel oranges stood at 50 percent, but they have gradually been phased out, and the tariffs have finally dropped all the way down to zero this year.
Image courtesy of Yonhap / E-Mart / photonews@koreabizwire.com
