Seoul, South Korea – The cost of citrus fruits, a staple of Korean winters, has skyrocketed due to a combination of adverse weather conditions and declining production. According to the Ministry of Agriculture, Food, and Rural Affairs, the frequent heavy rains during the harvest season have hindered fruit growth, leading to significant price increases.

As of yesterday, the retail price of citrus fruits at the Garak Market in Seoul stood at 4,134 won per 10 pieces, reflecting a 20.7% increase compared to a month ago and a 17.0% jump from the same period last year.

The Korea Rural Economic Institute forecasts that citrus prices will remain high in the coming months. The institute's December fruit outlook report indicates a 17.9% decrease in citrus imports last month and an anticipated 8.6% decline in shipments this month due to reduced production.

While the Ministry of Agriculture predicts that citrus prices will stabilize to last year's levels by mid-December, with the commencement of sorting and shipping operations and the additional distribution of 20,000 tons of citrus from Jeju Island, they also anticipate that the overall supply of citrus fruits will remain stable. Although the production of Hallabong, a popular citrus variety, is expected to decrease by 0.9% year-on-year, the output of Cheonhyehyang and other citrus fruits is projected to increase by 5.4% and 3.7%, respectively. Additionally, the increased production of apples, persimmons, and grapes is expected to help stabilize citrus prices.

Meanwhile, the production of yuzu, another popular winter fruit, is also forecast to decline. According to the Goheung County Agricultural Technology Center's Yuzu Research Institute, this year's yuzu production is estimated at 8,400 tons, a 16% decrease from last year. Goheung is the largest producer of yuzu in South Korea, accounting for 60% of the national output.

The prices of radish and carrots have also surged compared to the previous year and the average. According to the Korea National Statistical Office, radish prices have increased by 62.5% and carrot prices by 29.9% year-on-year. This is attributed to the reduced supply caused by the unusual heatwave last summer.

The retail price of radish has reached 3,443 won per piece, marking an 18.9% increase from a month ago and a staggering 125.9% rise compared to the same period last year. The price of carrots has also climbed to 6,896 won per kilogram, representing a 67.9% increase from a year ago.

The Ministry of Agriculture stated that while the prices of these vegetables are high, the overall cost of kimchi, a traditional Korean fermented dish, is expected to remain lower than usual due to the decreased prices of cabbage, red pepper powder, and garlic, which account for approximately 65% of the total cost.

A ministry official noted that the supply of radishes is expected to gradually recover after January when winter radishes are fully harvested. To alleviate the burden on consumers, the government has decided to extend the allocation tariff on radishes and carrots for two more months until the end of February next year.

[Copyright (c) Global Economic Times. All Rights Reserved.]