Cheaper U.S. Cherries Due to COVID-19... Emart Offers at Special Discount

[Asia Economy Reporter Lee Seung-jin] Due to the impact of the novel coronavirus infection (COVID-19), the price of U.S.-grown cherries has dropped.

Emart announced on the 17th that from the 21st to the 28th, for one week, it will sell a pack of U.S.-grown cherries at about 15% lower prices than those during the same period last year.

The reason Emart can sell cherries at a lower price is that due to decreased domestic demand for cherries in the U.S. caused by COVID-19, the volume of cherries exported overseas has increased, resulting in about a 10% drop in domestic import prices.

In particular, this year, the California region in the U.S. had abundant sunlight, allowing cherries to receive sufficient sunlight during the growing season, which significantly increased the sugar content of U.S.-grown cherries. Accordingly, Emart is importing 50 tons of the yellow-hued ‘Rainier variety,’ which has a higher sugar content than regular cherries, via air freight to offer customers fresher and sweeter cherries.

Meanwhile, cherries have gained popularity among consumers to the extent that they surpassed bananas for the first time in June-July last year to become the top imported fruit.

This summer, the preference for cherries is expected to become even more pronounced. Due to the spread of COVID-19, the Philippine government imposed lockdowns and movement restrictions on its banana factories, significantly reducing the volume of banana imports into Korea.

With the decline in banana import volume, wholesale prices have risen. On the 14th, the wholesale price of banana products (premium grade) per 13 kg was 31,600 KRW, up about 11.2% compared to last month and about 15.8% compared to the same period last year.

Since September last year, Emart has diversified banana import sources to South American countries such as Colombia and Ecuador to stabilize prices. Looking at the sales share of bananas by origin recently, it changed significantly from 70% Philippine and 30% South American in April-May last year to 59% Philippine and 41% South American this year.

Emart fruit buyer Lee Wan-hee said, “This year, we are able to offer cherries that are sweeter and more affordable,” adding, “We will continue to strive to provide various imported fruits to domestic consumers at reasonable prices.”

This content was produced with the assistance of AI translation services.