South Korea saw record-breaking imports of pineapples and mangoes last month. (Image courtesy of Yonhap)
SEOUL, Apr. 17 (Korea Bizwire) – South Korea saw record-breaking imports of pineapples and mangoes last month, driven by a surge in demand for cheaper fruit alternatives as apple and pear prices remained elevated, according to trade data released on April 16 by the Korea Customs Service.
Pineapple imports soared to 8,686 tons in March, a staggering 44.7% increase compared to the same period last year, marking an all-time high. The import value also reached a record $8.68 million, up 55.3% from a year earlier.
Mango imports painted a similar picture, with volumes and import values both hitting historic peaks at 6,264 tons and $24.74 million respectively, surging 114% and 110.5% year-over-year.
The influx of imported bananas and oranges was also at multi-year highs. Banana imports climbed 27.7% to 38,404 tons last month, the highest level since May 2019, while the import value of $38.13 million was the largest since June 2018.
Orange imports edged up 1.7% to 38,028 tons, and the import value rose 8.5% to $83.89 million, marking the highest figures since March 2021.
The surge in imported fruit shipments is seen as an effort to divert demand away from apples and pears, which have faced steep price increases. To offer affordable alternatives, retailers have been heavily promoting bananas, pineapples and other imported fruits during March and April. As supply increased, retail prices for these imported fruits declined.
The average retail price for a pineapple fell 9.9% month-over-month to 6,561 won and was 7.7% lower than a year ago. The price for 1 kg of bananas dropped 17.5% from the previous month to 2,690 won, down 18.7% year-over-year.
A bag of 10 navel oranges from the United States sold for 15,000 won, a 10.1% monthly decrease. While mangoes saw a 1.9% monthly price uptick to 3,658 won each, they remained 32.9% cheaper than last year’s levels.
As demand shifted towards cheaper fruit options, apple prices have started to moderate. A bag of 10 Fuji apples sold for 25,017 won, still 9.9% higher than last year but down 7.8% from the previous month. Pear prices remained elevated at 47,110 won for a pack of 10, up 10% month-over-month and a whopping 73.1% year-over-year.
Exports of apples and pears from South Korea plummeted last month, with shipments down 71.8% and 95.5% respectively compared to March 2023 levels.
Ashley Song (ashley@koreabizwire.com)
