'Geum Sagwa' Apple... Emart Takes Steps to Stabilize Prices

September Hongro Apple Wholesale Price Rises 67% Year-on-Year, Highest Level Since 2003
Emart Sells Apples Cheaper Than Last Year Despite Price Increase, Collaborates with Ministry of Agriculture and Food

[Asia Economy Reporter Lim Hye-seon] Due to the prolonged rainy season and consecutive typhoons, the price of newly harvested apples released in September has risen to the highest level since 2003.

According to Emart and the Agricultural Products Distribution Information Center (ATKAMIS) on the 3rd, the wholesale price of Hongro newly harvested apples on the 1st was 71,000 KRW per 10kg, which is 66.6% higher than the same period last year. This is the highest price since 2003, when Hongro apple prices were first recorded. Emart explained, "Due to the prolonged rainy season and consecutive typhoons, sunlight was insufficient and crop conditions were poor, causing prices to soar." The Korea Rural Economic Institute's Agricultural Outlook Headquarters also expects this year's apple production to decrease by about 10% compared to last year.

In response, Emart and the Ministry of Agriculture, Food and Rural Affairs have joined forces to stabilize the prices of domestic fruits that have risen due to the prolonged rainy season and consecutive typhoons.

Emart will hold a "Let's Discount Korean Agricultural Products" event for one week until the 9th, offering discounts on "Gyeongbuk newly harvested apples." Shinsaegae Point members can receive a 20% discount up to 10,000 KRW per person, purchasing "Gyeongbuk apples (5-8 pieces)" at 7,980 KRW after the discount from the original price of 9,980 KRW. This price is even lower than last year's 8,980 KRW and 2018's 9,900 KRW.

With support from the Ministry of Agriculture, Food and Rural Affairs and minimizing its own margin, Emart was able to lower prices by purchasing the entire production volume of apples from the farms through a "full-set purchase." Usually, in early September, demand for "special grade" apples for Chuseok gift sets increases, but apples classified as "bojogae" apples?those with minor blemishes but no issues with freshness or sweetness?have difficulty securing sales channels for the farms.

Emart secured apple quantities cheaper than market prices through the "full-set purchase," buying special grade, regular, and bojogae apples all at once. This arrangement benefits everyone, as farms can also handle the bojogae apples, which are otherwise hard to sell.

Emart plans to commercialize the apples secured from Gyeongbuk farms through full-set purchase by using special grade apples for Chuseok gift sets, regular apples as bagged apples, and selling bojogae apples through a bojogae apple event in mid-September.

Emart will also hold a discount event for "domestic Campbell grapes (box)" for only two days on the weekend of the 5th and 6th. During the "Let's Discount Korean Agricultural Products" 20% discount event (up to 10,000 KRW per person), an additional 30% discount is applied when purchasing with the event card. Shinsaegae Point members buying "Campbell grapes" with the event card can purchase them at 9,450 KRW, a 50% discount from the original 18,900 KRW.

The domestic "Campbell grapes" wholesale price on the 1st (special grade, 5kg basis) also rose about 47% compared to last year, reaching 24,980 KRW. Emart is reducing the week-long event quantity to a two-day limited quantity event and concentrating benefits to sell at about 36% cheaper than last year.

Choi Ji-yoon, Emart's fruit team leader, said, "Despite the significant rise in fruit prices in production areas due to the prolonged rainy season and consecutive typhoons, we prepared this event with the Ministry of Agriculture, Food and Rural Affairs to stabilize domestic fruit prices." She added, "We plan to continue organizing various fruit discount events to support domestic fruit farms and work toward price stabilization."

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