Apple prices fall as output rises; tangerine costs still high

Apple output has risen this year, pushing prices below last year's levels. Tangerine production has also increased, but consumer prices remain higher than a year ago — a trend expected to reverse as full-scale shipments begin this month.

The wholesale price of Fuji apples at Garak Market stands at 43,000 won ($32) per 10 kilograms this month, down 31.2% from the same period last year (62,500 won), according to the Korea Rural Economic Institute on Thursday. Consumer prices tell the same story: data from the Korea Agro-Fisheries and Food Trade Corporation show the average retail price of 10 Fuji apples was 21,571 won as of Tuesday, down 21.0% from a year earlier.

The price decline reflects a surge in supply. Apple output this year is forecast to reach 496,000 tons, up 10.8% from last year, driven by a 5.1% expansion in cultivated area and a 5.4% rise in yield per unit. Shipments this month are expected to climb 13.8% from the same month last year, with a further 4.2% increase projected for December.

Tangerine production has also grown. Output of field-grown tangerines is forecast at 433,000 tons this year, up 5.6% from last year. Shipments this month are expected to rise 8.1% year-on-year, with a 5.2% increase projected for December.

However, tangerine consumer prices remain elevated. The average retail price of 10 medium-grade field-grown tangerines was 4,131 won as of Tuesday, up 24.4% from the same period last year. Prices are expected to ease gradually as full-scale shipments get underway this month.