Business

South Korea Sets New Record for Fruit Imports Amid Climate Change

Published

1 year ago

February 17, 2025

According to recent data released on Sunday, South Korea’s fresh fruit imports reached an all-time high last year, driven by poor harvests linked to climate change and increasing consumer demand.
In 2024, the country imported fresh fruits worth $1.45 billion across 12 varieties, marking a significant 20.1% increase from the previous year, as reported by the Korea Rural Economic Institute (KREI).

This record surpasses the previous high of $1.33 billion set in 2018, as reported by the Yonhap news agency.

The 12 fruit varieties include bananas, mangoes, pineapples, oranges, cherries, and kiwis.
The surge in imports was primarily due to a shortage in domestic fruit supply resulting from unfavorable weather conditions, which drove fruit prices up. To address the increasing demand and alleviate inflation, the government has lowered tariffs on fruit imports.
A KREI official noted, “Fruit imports are expected to continue rising, as domestic production is likely to decline in the long term due to adverse weather conditions and a steady decrease in cultivation areas.”
In its latest report, the institute projected that total fruit imports, including frozen varieties, would increase by 6.8% year-on-year to 817,000 tons in the current year.
Additionally, South Korea’s import prices rose for the fourth consecutive month in January, mainly due to a weakening local currency and soaring global oil prices, according to central bank data.
The import price index jumped 2.3% from the previous month and saw a 6.6% rise compared to January of last year, based on preliminary findings from the Bank of Korea (BOK).
Import prices for raw materials grew by 4.4% month-on-month in January, while intermediate goods saw a 1.6% increase, according to the BOK.
Import prices play a crucial role in influencing the overall inflation rate within the country. Consumer prices, an essential inflation indicator, experienced their largest annual increase in six months, rising by 2.2% in January, according to government data.

Business

Tomato Prices Crash from Rs.1200 to Rs.80, Farmers in Distress

Published

3 weeks ago

March 25, 2026

Namma Kudla

Business: Tomato prices in Vijayanagara district have dropped sharply, causing heavy losses to farmers and traders. A box of tomatoes that was earlier sold for Rs.1000 to Rs.1200 is now being sold for just Rs.80 to Rs.100.

Due to the sudden fall in prices, farmers are struggling to recover their investment. Many had taken loans to grow the crop and are now facing financial difficulties.

In local markets, traders are selling tomatoes at very low rates. Around 2 to 4 kilograms of tomatoes are being sold for just Rs.20.

The price crash has been linked to multiple reasons. Export of tomatoes to other countries has reduced due to the Iran–Israel conflict. In addition, many hotels are not operating properly due to a shortage of cooking gas cylinders. This has reduced demand for tomatoes.

As a result, both farmers and sellers are facing serious losses, and the situation has become very difficult for them.

Business

Gold Prices Rise in Mangaluru; 24K Gold at Rs.13,564 per Gram

Published

3 weeks ago

March 24, 2026

Namma Kudla

Mangaluru: Gold prices in the coastal city of Mangaluru have been updated today, reflecting the latest market trends.

The price of 24 karat gold (99.9% purity) stands at Rs.13,564 per gram. Meanwhile, 22 karat gold (91.6% purity) is priced at Rs.12,434 per gram. The rate for 18 karat gold (75% purity) is Rs.10,173 per gram.

Mangaluru, known for its rich coastal culture and love for seafood, also has a deep connection with gold. The demand for gold ornaments in the city remains strong, especially during weddings and festivals.

The gold trade in Mangaluru has a long history and continues to play an important role in the local economy. Many families prefer investing in gold due to its cultural and financial value.

Buyers are advised to check the latest rates before making any purchase, as gold prices may change daily based on market conditions.

For those planning to buy gold, using a Gold Rate Calculator can help in getting accurate pricing based on weight and purity.

Business

Good News for Milk Producers in Chikkaballapur – 50 Paise Increase per Litre

Published

1 month ago

March 8, 2026

Namma Kudla

Chikkaballapur: The Chikkaballapur Milk Union (Chimul) has announced good news for milk producers in Chikkaballapur district. The union has decided to increase the milk procurement price by 50 paise per litre, which will benefit dairy farmers in the district.

Earlier, on January 1, Chimul had increased the price by Rs.1 per litre as a New Year benefit to farmers. Now, the union has announced an additional 50 paise increase.

With this latest revision, dairy farmers will receive Rs.36.40 per litre for milk. The 50 paise increase will remain in effect until the end of May.

Chimul President Manjunath Reddy told Public TV that the union will review its profits and may continue the price increase in the future based on financial performance.

The decision is expected to provide some relief and encouragement to dairy farmers in Chikkaballapur district.