Government to Supply Directly Imported Bananas and Oranges from the 21st... Prices to Drop by 20%

The Korea Agro-Fisheries & Food Trade Corporation (aT) will supply bananas and oranges directly imported as early as the 21st. aT plans to supply them to supermarkets at prices about 20% lower.

The Ministry of Agriculture, Food and Rural Affairs held an 'Emergency Meeting on Agricultural and Food Supply Stability' chaired by Vice Minister Han Hoon at the Government Complex Sejong on the 20th.

This meeting was organized to review the progress of the agricultural and livestock product price stabilization measures announced at the Livelihood Economy Inspection Meeting on the 18th and to listen to field opinions and difficulties from related industries.

First, aT plans to directly import 1,140 tons of bananas and 622 tons of oranges in March and supply them to supermarkets at prices about 20% lower. The initial supply is expected to start as early as the 21st. Additionally, the number of directly imported items will be expanded from 5 to 11, focusing on bananas and oranges, which are highly likely to substitute apples, for concentrated supply in March and April.

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Regarding support for delivery prices, since the 18th, the supported items have been expanded from 13 to 21, and the support prices have been increased up to twice per item.

Vice Minister Han said, "Support for delivery prices lowers the normal selling prices of distribution companies, which reduces consumers' inflation anxiety," adding, "When combined with distribution companies' own discounts and government discount support of up to 30%, the effect of alleviating price burdens is expected to be even greater."

Discount support is being provided until the 27th, raising the discount rate from 20% to 30% for selected items each week at nationwide large and small supermarkets, Hanaro marts, eco-friendly stores, online malls, and other distribution companies, with a weekly limit of 10,000 KRW per person.

In particular, to ease the price burden on consumers using traditional markets, a 'March Traditional Market Onnuri Gift Certificate Refund Event' will be held at 51 traditional markets nationwide between the 20th and 22nd. Consumers who purchase domestic agricultural and livestock products at traditional markets can receive up to 30% of the purchase amount refunded in Onnuri gift certificates, with a maximum limit of 20,000 KRW per person.

Hanwoo beef will have a 30-50% discount event online and offline through self-support funds from the 21st to the 31st, and using the additional budget, the number of such discount events will be expanded from 10 to 25 times annually, an increase of 15 times.

For pork (Handon), the 20-40% discount event using self-support funds conducted during the Lunar New Year period is being extended until the end of March. Using additional budget, the number of such discount events will be expanded from 6 to 10 times annually. Chicken discounts using self-support funds at Nonghyup Hanaro Mart (1,500 KRW per chicken), which started on the 14th, will be extended from March to the end of the year. Eggs have been supplied since the 14th with a discount on delivery prices by Nonghyup to large and small supermarkets, increasing the discount from 500 KRW to 1,000 KRW per 30-egg carton, and the supply volume and target companies will be expanded using the additional budget.

Vice Minister Han said, "The Ministry of Agriculture, Food and Rural Affairs will swiftly implement the March 18 measures prepared to quickly stabilize the prices of the national grocery basket," and urged, "Let all economic actors in the agricultural and food sector, including government, production, distribution, and food industries, unite and respond with full force."

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