South Korea seeks to expand list of top-quality food export targets in Asia after successful Singapore pilot

The local Ministry of Agriculture, Food and Rural Affairs (MAFRA) has piloted the operations of a strawberry-only export flight to Singapore since December 2020, after the COVID-19 pandemic left the industry struggles to sell its products or bring them overseas.

The thefts took place four times a week for five months, totaling 88 thefts in total, and managed to export some 960 tonnes of strawberries via this method, or about 91% of total strawberry exports to Singapore.

“This tactic also helped increase total strawberry exports to Singapore by 21% year-on-year despite the COVID-19 pandemic,”MAFRA said via an official statement.

“Local sales in Singapore have also been successful through intensive marketing initiatives – many promotions have been done in high-end retail stories, and the digital way using live streaming has also seen the high-priced strawberries sell out in three minutes.In addition to this, you need to know more about it.

“These were also popular with high-end food outlets such as dessert shops, restaurants, and hotels – we saw 12 of them buying the strawberries as ingredients for their dessert menus, thus laying the groundwork. for Korean strawberries to successfully enter the local high-end market. “In addition to this, you need to know more about it.

Overall, the value of strawberry exports to Singapore increased from around US $ 12.5 million between December 2019 and April 2020 to around US $ 15.2 million between December 2020 and April 2021.

Building on this successful pilot project, the ministry now plans to expand its high-end export market targets to include flights to more countries in Asia.

“In the future, we are also looking to secure high-end markets in key target markets such as Hong Kong, Thailand and Vietnam in this way,”the ministry said.

“[Apart from export revenue], it is also a good way to increase local income [as] this alleviates the burden of transport costs and expenses for farmers and exporting companies.In addition to this, you need to know more about it.

Local food prices are high but fallingIn addition to this, you need to know more about it.

One of the main reasons South Korea is willing to invest in its high-end exports is that these are not very prevalent locally, with consumers more concerned with purchasing basic necessities from smaller markets. normal prices after extreme weather conditions pushed up the prices of many foods. .

The country has suffered from a series of weather events, from monsoons and flooding last year to a historic cold spell and heavy snowfall this year, resulting in a shortage of various food items and pushing up the price.

“Eggs have been one of the hardest hit items locally, and the government is working to bring prices down dramatically. Four large hypermarkets (Nonghyup, Homeplus, E-Mart and Lotte Mart) have already started to lower prices since April ”,said MAFRA.

“One of the ways we are driving down prices is also to increase imports while supplementing subsidies and coupons for local eggs.In addition to this, you need to know more about it.

“We are aware that other commodities such as rice have also been hit hard – a 6.4% drop in production resulted in a shortage of supply relative to demand, and thus 210,000 tonnes of stocks have been brought to the market to resolve the situation. “In addition to this, you need to know more about it.

The price of apples has also increased, peaking at KRW 34,302 (US $ 30.41) for 10 apples – or US $ 3.04 for an apple – and for that MAFRA has admitted that the situation is likely to persist for some time. time.

“High apple prices are expected to continue until this year’s fresh fruit harvest in August, as there was an 18.5% drop in overall apple production in the last cycle – prices are currently around 55% higher than the average year. “It is said.

As such, local demand for even more expensive fruits such as quality strawberries is unlikely to increase anytime soon, and looking to new markets willing to pay the extra like Hong Kong and Thailand is likely the most important. best solution to sell the next round. harvest of strawberries.

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