Citrus Annual 2012

An Expert's View about Agriculture and Animal Husbandry in South Korea

Posted on: 29 Dec 2012

Korean MY2012/13 citrus production is forecast at 580 thousand MT, while prices will be up about 17 percent.

THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Required Report - public distribution Date: 12/18/2012 GAIN Report Number: KS1250 Korea - Republic of Citrus Annual PS&D and Trade Update for MY 2012/13 Approved By: M. Kathryn Ting Prepared By: Sunyoung Choi / Mark Myers Report Highlights: Korean MY2012/13 citrus production is forecast at 580 thousand MT, while prices will be up about 17 percent. Imports of oranges reached a record 173 thousand MT - up 22 percent, while fresh lemon imports were up 53 percent. U.S. citrus exports to Korea were boosted by reductions in duties under the U.S.-Korea Free Trade Agreement. Production Unshu orange (tangerine) production for Marketing Year (MY) 2012/13 is forecast at 580,000 metric tons (MT), similar to the 588,000 MT in MY 2011/12 due to favorable weather throughout the year, resulting in increased yield. Korea’s citrus production is predominantly Unshu oranges with an 85 percent share, followed by winter Unshu and late season varieties. The quality of the crop for MY 2012/13 is expected to be better than last year’s crop due to ample sunshine and less rainfall after the monsoon season from September through the harvest season in November. Because of inadequate production of domestic apple, pear and other competitive fruits this year, demand for Unshu oranges is expected to grow in MY 2012/13. The retail price for Jeju tangerines in December 2012 is approximately 17 percent higher than last year’s price. In MY 2012/13, total acreage for Unshu oranges is forecast at 20,546 hectares, down 52 hectares (0.25 percent) from the previous year. However, citrus production patterns in Jeju have been changing gradually from open- field grown Unshu oranges to greenhouse facility production for the past 10 years. Especially, late varieties production has increased by 50 percent in the last 5 years. The FTA transition fund is focused on supporting the transition of open-field grown Unshu orange to winter Unshu orange and late varieties. The Jeju government projects to increase its acreage for winter Unshu and late varieties from 2,908 hectares to 4,000 hectares by 2014. With an expansion of acreage for late varieties and winter Unshu oranges, the Jeju government and growers can produce high value fruit while meeting consumer demand in competition with imported fruit. Korea’s Acreage Change for Citrus Production Pattern by Calendar Year (Unit: Hectare) Area CY 2005 CY 2008 CY 2010 CY 2011 CY 2012 Open field 19,085 18,456 17,920 17,626 17,405 Greenhouse 409 313 312 295 285 Winter Unshu 466 638 813 910 1,000 Late Varieties 1,469 1,531 1,700 1,777 1,908 Total Area 21,429 20,938 20,745 20,608 20,598 Source: Jeju Special Self Governing Province The Jeju government and citrus growers made an effort to improve crop quality to meet consumer demand and an optimal production level of 580,000 MT through various support programs such as tree thinning, rest years, and closing farms. In MY 2011/12, the area for tangerine tree thinning was 540 hectares, which is 56 percent (700 hectares) lower than the 1,240 hectares in MY2010/2011. FTA Transition Fund The Jeju government requested 24.9 billion won (US$ 23 million) of FTA transition funding for 2013, which is 9.2 percent (2.1 billion won) more than last year. The Ministry for Food, Agriculture, Forestry and Fisheries (MIFAFF) is expected to provide the funding, which is used to improve crop quality and build infrastructure, such as packing houses and installation of rain shelter greenhouses. Check off Program The Jeju government will continue the use of its citrus check-off program in MY 2012/13. The funding for this year’s program is 2 billion won ($1.85 million), which is 0.5 billion won lower than last year. Check-off funds are used for supporting marketing activities, developing foreign markets, training farmers to produce quality fruit, and improving marketing channels. Green House Citrus Production In MY 2012/13, total production of greenhouse citrus is forecast at nearly 20,000 MT, down 0.84 percent from the previous season. Because of a steep increase in the price of oil for the past several years, the acreage of summer greenhouse production has fallen from 462 hectares in MY 2002/03 to 285 hectares in MY 2011/12, down 38 percent over that period. In MY 2012/13, the area for summer greenhouse production is expected to fall slightly to 275 hectares. TRADE Unshu orange exports are expected to maintain at 3,000 MT in MY 2012/13 due to higher domestic market prices at the optimal production level of 580,000 MT. Although the Jeju government projected to increase exports and the number of countries exporting Korea exports to with an ambitious target of 7,000 MT, Jeju Unshu growers are providing more for domestic consumption than for exports. In MY 2011/12, the total imports of fresh oranges was a record high of 173,455 MT, up 22 percent from the previous year’s volume due to the tariff benefit under the KORUS FTA since its implementation on March 15, 2012, while increased prices for domestic fruits (apple, pear and tangerine) resulted from unfavorable weather conditions. U.S. fresh oranges imported into Korea with 30 percent duty rate during out-of-Season (March 1 – August 30) under the KORUS FTA. The duty rate for fresh oranges during out-of-season is 20 percentage points lower than WTO duty rate at 50 percent. Over 95 percent of all fresh orange imports, totaling 165,543 MT, originated from the United States in MY 2011/12 and the remainder from Chile, South Africa and Australia. Fresh lemon imports increased rapidly since MY 2010/11 due to the popularity of a lemon detox diet among young Korean females and an increase in lemonade drink sales. The duty rate for fresh lemons reduced from 30 percent to 15 percent under the KORUS FTA. In MY 2011/12, total fresh lemon imports were 10,352 MT, up 53 percent from the previous year. U.S. fresh lemon imports increased 46 percent at 8,715 MT. The local fruit industry concluded that the demand for diet purpose boosted total import volume because fresh lemon is not used as a main food ingredient in Korea. Additionally, the Korean buying pattern of fresh lemons in boxes containing 12-14 fruits boosted demand. Frozen Concentrated Orange Juice (FCOJ) Market Situation FCOJ imports for MY 2012/13 are expected to maintain a level of 24,000 MT due to the stagnant domestic orange juice market and a high futures market price for the past 2 years. Although the size of the Korean beverage market is still growing every year, especially in coffee and energy drink sectors, the overall demand for orange juice is shifting to more premium fresh products as opposed to the traditional orange juice brands of Delmonte & Sunkist. In 2012, a Korean company introduced a squeezed orange juice product to the market which used about 100 metric tons of U.S. fresh oranges. In MY 2011/12, Korea imported 24,084 MT of FCOJ, 16.4 percent lower than the previous year due to reduced market demand. Brazil is the largest supplier of FCOJ to Korea accounting for 58 percent, followed by the U.S. with 26 percent of the market. However, U.S. market share for FCOJ in Korea is expected to grow continuously in MY 2012/13 benefitting from the KORUS FTA. Although the duty for U.S. FCOJ was eliminated under the KORUS FTA, a significant increase for U.S. FCOJ is not expected due to a declining orange juice market in Korea. In MY 2012/13, local production of tangerine concentrate is projected at 85,000 MT, which is 17,000 MT lower than the previous year due to higher market demand and better prices. Growers are paid 160 won per kilogram for tangerines used for processing, which is 20 won higher than the previous year’s price. Commodities: Citrus, Other, Fresh Production, Supply and Demand Data Statistics: Tangerines/Mandarins, Fresh Korea, Republic of 2010/2011 2011/2012 2012/2013 Market Year Begin: Oct 2010 Market Year Begin: Oct 2011 Market Year Begin: Oct 2012 USDA Official New Post USDA Official New Post USDA Official New Post Area Planted 20,732 20,732 20,590 20,598 20,546 Area Harvested 19,488 19,488 19,355 19,362 19,313 Bearing Trees 24,360 24,360 24,193 24,203 24,142 Non-Bearing Trees 6,738 738 6,692 6,694 6,677 Total No. Of Trees 31,098 25,098 30,885 30,897 30,819 Production 565 565 645 588 580 Imports 0 0 0 0 0 Total Supply 565 565 645 588 580 Exports 2 2 3 3 3 Fresh Dom. Consumption 482 482 532 482 492 For Processing 81 81 110 103 85 Total Distribution 565 565 645 588 580 HECTARES, 1000 TREES, 1000 MT Oranges, Fresh Korea, Republic of 2010/2011 2011/2012 2012/2013 Market Year Begin: Oct 2010 Market Year Begin: Oct 2011 Market Year Begin: Oct 2012 USDA Official New Post USDA Official New Post USDA Official New Post Area Planted 0 0 0 0 0 Area Harvested 0 0 0 0 0 Bearing Trees 0 0 0 0 0 Non-Bearing Trees 0 0 0 0 0 Total No. Of Trees 0 0 0 0 0 Production 0 0 0 0 0 Imports 142 142 170 173 180 Total Supply 142 142 170 173 180 Exports 0 0 0 0 0 Fresh Dom. Consumption 142 142 170 173 180 For Processing 0 0 0 0 0 Total Distribution 142 142 170 173 180 HECTARES, 1000 TREES, 1000 MT Orange Juice Korea, Republic of 2010/2011 2011/2012 2012/2013 Market Year Begin: Oct 2010 Market Year Begin: Oct 2011 Market Year Begin: Oct 2012 USDA Official New Post USDA Official New Post USDA Official New Post Deliv. To Processors 81,117 81,117 110,000 102,899 85,000 Beginning Stocks 2,081 2,081 2,077 2,077 1,911 Production 6,494 6,494 8,800 8,232 6,800 Imports 28,802 28,802 29,000 24,084 24,000 Total Supply 37,377 37,377 39,877 34,393 32,711 Exports 530 530 1,000 116 110 Domestic Consumption 34,770 34,770 36,717 32,366 30,739 Ending Stocks 2,077 2,077 2,160 1,911 1,862 Total Distribution 37,377 37,377 39,877 34,393 32,711 MT Production Korea: Citrus Production Situation 1/ Year Area (HA) Production (MT) Farm Household Gross Income (Mil.won) 2003 24,560 645,587 33,957 459,700 2004 22,048 595,591 31,233 610,400 2005 21,430 661,992 30,659 600,639 2006 21,382 631,324 30,747 660,288 2007 20,965 747,376 31,005 431,883 2008 20,937 592,160 31,027 631,325 2009 20,898 741,014 31,200 601,113 2010 20,747 568,478 30,905 668,484 2011 20,608 588,054 30,797 764,158 2012 2/ 20,549 580,000 N/A N/A 1/ Calendar year basis including greenhouse 2/ Preliminary Source: Jeju Provincial Government & Korea Rural Economic Institute Korea: Citrus Utilization (Unit: MT) Year Total Fresh Processing Other 1/ 2003 645,587 477,523 120,333 47,731 2004 595,591 415,338 100,517 79,736 2005 661,992 491,260 125,343 45,389 2006 631,324 450,087 109,496 71,747 2007 747,376 513,746 138,782 94,948 2008 592,160 427,669 88,664 75,827 2009 741,014 519,423 123,551 98,040 2010 568,478 385,456 81,117 101,905 2011 588,054 371,826 102,899 113,329 1/ Other – including exports, military consumption and consumption within Jeju island Source: Jeju Provincial Government Korea: Citrus Summer Greenhouse Production Situation Year Area (HA) Production (MT) Gross Income (Mil. Won) Household Price (Won/Kg) 2003 462 26,620 73,644 1,422 2,767 2004 430 25,903 68,604 1,323 2,648 2005 409 23,751 65,905 1,227 2,775 2006 352 20,341 63,202 1,051 3,107 2007 359 22,895 78,013 1,048 3,407 2008 313 22,356 71,941 954 3,218 304 22,636 72,445 912 3,200 2009 312 21,602 74,507 929 3,449 2010 295 21,807 70,818 867 3,247 2011 285 20,171 N/A N/A N/A 2012 1/ 1/ Preliminary Source: Jeju Provincial Government & Korea Rural Economic Institute Korea: Purchasing Price of Processing Tangerine Oranges (Korean Won/kg) Year Price 2004 100 2005 100 2006 100 2007 80 2008 80 2009 80 2010 120 2011 140 2012 160 Source: Jeju Citrus Grower’s Cooperative Korea: Citrus Production as Ratio to Total Fruit Production (Unit: 1,000 MT, Ratio: Percent) Year Total Fruits Citrus Ratio 1997 2,330 693 29.7 1998 2,022 544 26.9 1999 2,229 639 28.0 2000 2,249 564 23.0 2001 2,284 646 28.0 2002 2,418 789 32.0 2003 2,275 632 27.0 2004 2,411 584 24.0 2005 2,593 638 24.0 2006 2,504 620 24.0 2007 2,750 777 28.0 2008 2,698 636 23.6 2,881 753 26.1 2009 2,489 615 24.7 2010 2,458 681 27.7 2011 Source: Korea Statistical Information Service Korea: Total Fruits and Citrus Per Capita Consumption Year Total Fruits Total Citrus 1/ Local Citrus Only 2003 55.8 Kg 16.0 Kg 13.0 Kg 2004 58.8 Kg 15.2 Kg 12.0 Kg 2005 62.6 Kg 15.7 Kg 13.1 Kg 2006 62.2 Kg 15.2 Kg 12.7 Kg 2007 67.9 Kg N/A 16.0 Kg 2008 65.5 Kg N/A 13.0 Kg 2009 67.7 Kg N/A 15.4 Kg 2010 58 Kg N/A 12.6 Kg 2011 62.4 Kg N/A 14.1 kg 1/Including imported oranges Source: Ministry for Food, Agriculture, Forestry, and Fisheries Tariff Korea: Import Quota and Tariff for Fresh Orange (Most Favored Nation) (Unit: MT, %) Year Quota In-quota Tariff Out-quota Tariff 2004 57,020 50 50 2010 N/A 50 50 2011 N/A 50 50 2012 N/A 50 50 2013 N/A 50 50 Note: Tariff on U.S. oranges in 2012 was 30 percent between March 1- August 31. For 2013 the duty will be 25 percent. For September 1-April 30, a tariff-rate quota at zero duty is in place for 2,500 MT. Imports above that amount are subject to the 50 percent duty. This TRQ will increase to 2,575 MT in 2013. Korea: Import Quota and Tariff for Other Citrus (Most Favored Nation) (Unit: MT, %) Year Quota In-quota Tariff Out-quota Tariff 2004 2,097 50 144 2010 2,097 50 144 2011 2,097 50 144 2012 2,097 50 144 2013 2,097 50 144 1/ HS 0805.20.1000, HS 0805.20.9000, HS0805.50.2020, HS 0805.90.0000. The duty on U.S. lemons (0805.50) under the KORUS FTA was 15 percent in 2012 and will be zero duty in 2013. The duty on U.S. grapefruit (0805.40) under the KORUS FTA was 24 percent in 2012 and will be 18 percent in 2013. The base Korean duty rate is 30 percent. Korea: Monthly Orange Imports (Unit: MT) Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 6876 27475 55741 50731 16350 3582 2801 2613 2175 - - - ‘12 7005 17580 45113 43219 14679 2622 2467 2007 2158 1928 1136 2047 ‘11 4854 9083 29267 39841 14309 3201 976 1061 2252 1314 1166 2734 ‘10 2481 6576 17739 26473 9541 1232 164 889 2486 1751 85 1804 ‘09 9266 14334 34660 30565 8416 1974 1438 1067 2281 2593 218 1075 ‘08 12020 9768 15867 21076 5120 486 1788 1714 1557 889 1201 6166 ‘07 ‘06 8431 21787 38637 29765 10714 3660 1268 521 1280 2764 358 5310 Source: Korea Customs Service & Korea International Trade Association Trade Matrix Import Matrix for Oranges Import Trade Matrix Country: Korea Commodity: Orange (HS 0805.10) Unit: MT & U$1,000 Imports for MY 2010/11 MY 2011/12 (Oct. 10 – Sep. 11) (Oct. 11 – Sep. 12) Country Vol Val Vol Val U.S. 136,498 162,929 165,543 208,864 Others South Africa 1,594 1,701 2,240 2,416 Australia 563 826 1,590 2,374 Spain 292 311 230 285 Chile 3,099 4,311 3,852 5,436 Other 18 22 0 0 5,566 7,171 7,912 10,511 Total for Others Grand Total 142,064 170,100 173,455 219,375 Source: Korea International Trade Association Import Matrix for Lemon Import Trade Matrix Country: Korea Commodity: Lemon (0805.50.10) Unit: MT & U$1,000 Imports for MY 2010/11 MY 2011/12 (Oct. 10 – Sep. 11) (Oct. 11 – Sep. 12) Country Vol Val Vol Val U. 5,967 8,364 8,715 13,793 S. Oth ers 814 1171 1,631 2,314 Chile Oth 0 0 6 20 er 14 1171 1,637 2,334 Total for Oth 8ers Gr 6,781 9,535 10,352 16,127 and Total Source: Korea International Trade Association Import Matrix for Grapefruit Import Trade Matrix Country: Korea Commodity: Grapefruit (0805.40) Unit: MT & U$1,000 Imports for MY 2010/11 MY 2011/12 (Oct. 10 – Sep. 11) (Oct. 11 – Sep. 12) Country Vol Val Vol Val U. 8,383 10,195 9,190 11,972 S. Others 610 968 1,075 1,485 Israel 0 0 0 0 India 610 968 1,075 1,485 Total for Others Gr 8,993 11,163 10,265 13,457 and Total Source: Korea International Trade Association Export Matrix for Korean Tangerines Export Trade Matrix Country: Korea Commodity: Tangerine (HS 0805.20.10/20/90) Unit: MT & U$1,000 Exports for MY 2010/11 MY 2011/12 (Oct. 10 – Sep. 11) (Oct. 11 – Sep. 12) Country Vol Val Vol Val U. 11 16 448 819 S. Oth ers 1,162 890 1,229 830 Russia 157 150 543 444 Canada 12 80 0 2 Japan Ho 77 105 ng Ko 12 15 ng Gu 88 41 51 am 62 31 42 48 77 Indonesia Ma 16 17 8 16 laysia Vietn 0 am 0 0 0 Mo 21 25 51 73 ngolia 22 31 54 69 Singapore Oth 171 231 368 485 ers 1,666 1,569 2,419 2,152 Total for Others Gr 1,677 1,585 2,867 2,971 and Total Source: Korea International Trade Association Import Matrix for FOJC Import Trade Matrix Country: Korea Commodity: FOJC (2009.11/12/19) Unit: MT & U$1,000 Imports for MY 2010/11 MY 2011/12 (Oct. 10 – Sep. 11) (Oct. 11 – Sep. 12) Country Vol Val Vol Val U. 5,693 16,215 6,280 20,534 S. Oth ers 19,486 42,213 13,944 36,131 Brazil Au 532 864 472 770 stralia 2,061 3,825 1,696 3,903 Israel Gr 0 0 561 1,127 eece 34 106 24 109 Canada U.K. 72 166 57 127 5 1,104 231 950 Taiw 27an 19 40 23 69 Italy Oth 630 2,267 796 2,080 er Total for Oth 23,109 50,585 17,804 45,266 ers Gr 28,802 66,800 24,084 65,800 and Total Source: Korea International Trade Association Export Matrix for FOJC Export Trade Matrix Country: Korea Commodity: FOJC (2009.11/12/19) Unit: MT & U$1,000 Exports for MY 2010/11 MY 2011/12 (Oct. 10 – Sep. 11) (Oct. 11 – Sep. 12) Country Vol Val Vol Val U. 0 0 17 18 S. Oth ers 173 234 50 70 Japan 0 0 2 3 Indonesia 0 0 0 0 Israel 166 268 0 0 PRC UA 101 90 0 1 E 49 46 0 0 Singapore Ho 3 4 2 3 ng Kong Om 0 0 0 0 an 0 0 3 5 Philippines Mo 12 9 16 17 ngolia Oth 26 57 26 92 er Total for Oth 530 708 99 191ers Gr 530 708 116 209 and Total Source: Korea International Trade Association Korea: Monthly Average Foreign Exchange Rate (Unit: Korean Won/1U$) Month 2010 2011 2012 January 1138.82 1120.07 1145.85 February 1157.08 1118.14 1123.35 March 1137.64 1122.45 1125.90 April 1117.11 1086.84 1135.55 May 1163.11 1083.54 1154.27 June 1212.33 1081.27 1165.51 July 1207.30 1059.50 1143.36 August 1179.92 1073.17 1131.69 September 1167.01 1118.61 1124.78 October 1123.45 1155.45 1106.93 November 1126.20 1132.31 1087.52 December 1147.55 1147.45 - Source: Korea Industrial Bank Price Table Korea: Average Wholesale Prices for Regular Unshu (tangerines) (Unit: Korean Won per 10 Kilogram) High Quality Medium Quality Month 2011 2012 2011 2012 Jan. 19,142 21,450 15,879 17,330 Feb. 15,334 40,838 12,235 34,219 Mar. 14,680 57,350 11,640 47,063 April - September: N/A Oct. 17,691 - 14,219 - No 16,522 16,964 13,114 13,618 v. Dec 16,385 - 12,858 - . Source: Agricultural & Fishery Marketing Corporation Korea: Average Wholesale Prices for Greenhouse Tangerine, Nationwide (Unit: Korean Won per Kilogram) Month 2011 2012 Ma 6,988 8,331 y 6,384 6,913 Jun. 4,558 4,376 Jul. Au 3,719 4,386 g. 3,791 4,460 Sep. Oct. 3,559 2,538 No 1,977 2,252 v. Source: Jeju Special Self-Governing Province Citrus Marketing & Shipping Association Korea: Average Retail Prices for Regular Unshu (tangerines), Nationwide (Unit: Korean Won per 10 Fruits, Approximately 100 gram per fruit) Year % Changes to the previous year Mo 2010 2011 2012 nth -2 Jan 1,962 2,715 2,655 44 Feb 2,131 2,839 4,087 Mar 105 2,573 2,870 5,879 Oct N/A - 2,877 - No -6 v 2,832 2,655 2,493 Dec 2,679 2,483 - - Prices for high quality Source: Agricultural & Fishery Marketing Corporation Korea: Average Retail Prices for Imported Oranges, Nationwide (Unit: Korean Won per 10 Fruits) Year 2010 2011 2012 % Changes to the previous year Month -2 Jan 9,515 10,550 10,313 9 Feb 8,367 9,380 10,270 Mar 9 8,445 9,268 10,141 A -4 pr 8,854 9,311 8,942 Ma 2 y 9,695 8,759 8,944 -6 Jun 10,454 9,554 8,988 N/A Jul 8,945 9,318 - Au N/A g 9,851 - - 10 Sep 10,596 10,424 11,453 Oct 4 11,465 11,284 11,688 No -4 v 11,472 11,542 11,025 9,928 11,634 - - Dec Prices for high quality Source: Agricultural & Fishery Marketing Corporation Korea: Average Wholesale Prices for Imported Oranges (Unit: Korean Won per 18 Kilogram box) High Quality Medium Quality Month 2011 2012 2011 2012 Jan. 53,505 55,200 47,514 50,190 Feb. 51,706 57,352 46,412 52,352 Mar. 51,461 52,695 45,602 48,076 Apr. 50,267 42,420 44,522 38,030 May 48,433 43,876 43,213 39,553 Jun. 49,773 48,200 44,470 44,000 Jul. - - - - Aug. - - - - Sep. 57,200 54,514 52,800 49,743 Oct. 57,370 56,257 52,400 51,305 Nov. 58,173 56,109 52,900 51,164 Dec. 57,867 - 52,667 - Source: Agricultural & Fishery Marketing Corporation Korea: Wholesale Prices for Domestic & Imported Navel (Unit: Korean Won per Kilogram) Imported Navel 1/ Korean Orange 2/ Month 2011 2012 2011 2012 2,973 3,067 7,472 7,765 Jan. 2,873 3,186 6,731 6,346 Feb. Ma 2,859 2,928 7,288 6,427 r. A 2,793 2,357 8,042 6,484 pr. Ma 2,691 2,438 7,695 5,174 y 2,765 2,678 - 4,447 Jun. 1/ High quality navel oranges 2/ Hallabong variety Source: Garak Wholesale Market Korea: Average Auction Prices for Imported Lemon (Unit: Korean Won per 18 Kilograms Box) High Quality Month 2010 2011 2012 40,417 - 55,000 Jan. 40,886 45,643 55,600 Feb. Ma 44,444 45,019 62,653 r. A 45,096 40,625 56,987 pr. Ma 46,731 43,327 46,619 y 49,327 49,440 44,712 Jun. 46,944 49,375 44,635 Jul. Au 41,385 47,574 37,981 g. 39,526 48,739 34,240 Sep. Oct. 47,983 49,038 - No - 49,769 - v. Dec. 53,200 51,889 - Source: Garak Wholesale Market Korea: Average Auction Prices for Imported Grapefruit (Unit: Korean Won per 18 Kilograms Box) High Quality Month 2010 2011 2012 37,854 41,000 32,543 Jan. 37,114 37,375 41,740 Feb. Ma 37,426 38,375 45,746 r. A 38,923 38,375 46,350 pr. Ma 39,635 40,857 40,759 y 38,942 27,778 39,538 Jun. 36,444 35,833 40,673 Jul. Au 34,587 32,833 40,000 g. 34,868 - 50,306 Sep. Oct. 43,667 - - No 50,400 36,071 - v. Dec. 44,429 35,667 - Source: Garak Wholesale Market
Posted: 29 December 2012

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