ECONOMY

Tariffs on bananas and mangoes cut from 30% to 5% — but are supermarket prices following?

by
Kim Yong-hun
Published : July 15, 2026 - 16:00:08
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Prices for major agricultural, livestock and seafood products rose by double digits in the first half of this year as high oil prices and a weak won persisted. According to consumer price data from the Ministry of Statistics, the price of croaker fish climbed 16.9 percent in the first half of this year compared with the same period last year. For imported mangoes, prices rose 13.1 percent — driven by poor harvests due to abnormal weather and a weaker won that pushed up the Korean-currency cost importers pay at the source. The photo shows mangoes on display at a hypermarket in Seoul on Thursday.  [Yonhap]
Prices for major agricultural, livestock and seafood products rose by double digits in the first half of this year as high oil prices and a weak won persisted. According to consumer price data from the Ministry of Statistics, the price of croaker fish climbed 16.9 percent in the first half of this year compared with the same period last year. For imported mangoes, prices rose 13.1 percent — driven by poor harvests due to abnormal weather and a weaker won that pushed up the Korean-currency cost importers pay at the source. The photo shows mangoes on display at a hypermarket in Seoul on Thursday. [Yonhap]

The government has launched on-site inspections to verify whether tariff cuts on imported fruit are being passed on to consumers, and has urged the retail industry to ensure the benefits are not diluted along the supply chain.

The Ministry of Economy and Finance's People's Livelihood Stabilization Task Force visited the Dole Korea logistics center in Pyeongtaek, Gyeonggi Province, on Wednesday alongside officials from the Korea Agro-Fisheries and Food Trade Corporation, E-mart and Lotte Mart to inspect storage and distribution conditions for imported fruit and hold an on-site meeting.

The inspection was arranged to confirm whether the tariff reductions are flowing through wholesale and retail channels as intended — and ultimately helping to stabilize consumer prices — following the government's decision to extend the quota tariff period covering three imported fruits: bananas, mangoes and pineapples.

In June, the government extended the quota tariff program, which had been set to expire at the end of that month, through Aug. 15. Under the extension, the tariff rate on 129,000 tons of bananas, 33,500 tons of pineapples and 18,500 tons of mangoes has been cut from 30 percent to 5 percent.

At the meeting, industry participants flagged rising import costs driven by exchange rate swings and lower output at source farms, as well as growing logistics expenses including storage and transportation fees.

Jang Do-hwan, head of the task force, said the quota tariff program is designed to lower food costs and ease the burden on household budgets. "We ask the retail industry to actively cooperate in minimizing the additional costs and margins that arise at each stage of the distribution process, so that the full benefit of the tariff reduction reaches consumers," he said.


fact0514@heraldcorp.com
This content was produced with the assistance of AI translation services.

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