With South Korea’s domestic production of grapes falling, the country is relying ever more on imports. This opens up opportunities for the world’s major producers, especially Chile, with whom South Korea signed a Free Trade Agreement in 2004. Despite government efforts to protect the domestic grape industry by imposing higher tariffs, the share of imported grapes continues to rise. Chile, which benefitted from its early FTA access, has the highest market share. However, US grape imports have also been on the rise since South Korea removed its off-season tariffs in 2016.
US and Chile vie for share of competitive South Korean grape market
Rocketing vegetable prices in South Korea
A typhoon-hit summer has driven up vegetable prices in South Korea, as the country prepares for the Chuseok festival in autumn. JoongAng Daily reports that the prices of various kinds of vegetable have risen sharply. According to Korea Price Information data, the cost of offerings to ancestors at the Chuseok festival currently stand at around US$228 at a traditional market, up 15.5% from 2019. The price rises in supermarkets is even more pronounced, with average cost of offerings going up by 24.7%.
First Turkish cherries land in South Korea
South Korea becomes major grape exporter while Chinese exports recover
China’s grape production is predicted to rise 9% to 10.8 million tons, as the country bounces back from last year’s severe frosts. Record exports of 360,000 tons are predicted, with higher shipments to the Philippines, Bangladesh, and Vietnam. Imports are estimated to fall by 10% to 27,000 tons, due to reduced shipments from top suppliers Chile, Peru, and the US. Small deliveries from the EU have commenced following recent market access for Spain and Portugal. However, the US remains China’s top Northern Hemisphere supplier.
South Korea to showcase world’s offerings at Coex Food Week 2020
© Coex Food Week
The Coex Food Week 2020 is one of the most anticipated international exhibitions in the Asian calendar, with 25% of exhibitors visiting from overseas. This year’s event will be held from November 25 to 28 at Coex Halls A, B, C in Seoul, South Korea. At last year’s edition, there were 872 exhibitors, with 65 representatives from 18 different countries around the globe, with over 1,900 booths. The event welcomed approximately 44,000 visitors from different parts of the world.
South Korea: Connecting trade channels with the right information
Are South Koreans losing appetite for apples?
Italian kiwi to land in South Korea
Credit: Marco Verch (flickr, https://www.flickr.com/)