South Korea’s imports of bananas and pineapples hit unprecedented highs in April. (Image courtesy of Yonhap)
SEOUL, May 22 (Korea Bizwire) – South Korea’s imports of bananas and pineapples hit unprecedented highs in April, according to trade statistics released by the Korea Customs Service.
The import value of bananas reached $46.3 million last month, a staggering 58.5% increase compared to the same period last year, setting an all-time record. This figure slightly surpassed the previous record of $46.1 million set in May 2018.
In terms of import volume, South Korea brought in 46,916 tons of bananas in April, a 56.6% jump from the year before, making it the second-highest monthly import level after the 47,334 tons recorded in May 2018.
Pineapple imports also rewrote records, with April’s import value soaring to $9.06 million, a 74.2% surge from April 2023, marking the first time it has exceeded $9 million.
The import volume also saw a substantial 72.6% increase, reaching 9,324 tons and crossing the 9,000-ton threshold for the first time.
Imports of mangoes and oranges also experienced significant growth. Mango imports reached $22.8 million in value, an 85.9% increase from April 2023, while the volume rose 78.5% to 5,976 tons.
Orange imports amounted to $54.3 million in value and 24,826 tons in volume, reflecting increases of 30.7% and 23.8%, respectively, compared to the previous year. However, mango and orange import levels declined from March.
The surge in fruit imports last month is attributed to the government’s efforts to diversify supply and alleviate demand for apples and pears, which have faced high prices. Since March, authorities have been intensively supplying imported fruits.
As a result of the increased supply, banana and pineapple prices have shown a downward trend. According to agricultural market data, the retail price of 100 grams of bananas (premium grade) stood at 250 won as of May 17, a 25.1% decrease from late February before imports ramped up.
The retail price of a single pineapple (premium grade) was 6,890 won on the same day, a 16.1% drop compared to late February.
In contrast, apple and pear prices have recently begun to rise again. The retail price of 10 Fuji apples (premium grade) reached 31,944 won on May 17, a 32.3% increase from March 18, when the government initiated large-scale discount support, effectively returning to pre-discount levels.
The retail price of 10 Shingo pears (premium grade) stood at 53,231 won on the same day, a 28.1% hike from March 18.
Ashley Song (ashley@koreabizwire.com)
