What is the outlook for the Lunar New Year? Higher prices may reduce demand for apples and pears

The article discusses the anticipated shipment volume of mandarin oranges, a popular inclusion in Seollal fruit gift sets, which is expected to remain steady or slightly decrease from the previous year due to a severe heatwave causing fruit bursting damage to the 'Redhyang' variety. Despite this, the prices of citrus fruits such as Hallabong, Cheonhyehyang, and Redhyang have strengthened at the wholesale level, with prices ranging from 5,500-8,000 won per kilogram, a 10-20% increase compared to last year. This rise in citrus fruit prices could influence the selection of gifts for the Lunar New Year, with the distribution industry considering adjusting the proportion of citrus fruits in gift sets.

Mandarin oranges have been popular as a substitute for apples and pears in the Seollal fruit gift set market. However, as the shipment volume for this Seollal is expected to be similar to or slightly reduced from last year, the landscape is expected to change. ◆ Shipment volume expected to be similar to or slightly reduced from last year = Mandarin oranges are produced throughout Jeju. Officials here unanimously agreed that the shipment volume for Seollal will be similar to or slightly reduced from last year. Go Jeong-hoon, head of the Seogwipo Pyoseon Agricultural Cooperative Agricultural Products Distribution Center (APC), said, “Due to the long heat wave last year, ‘Redhyang’ suffered damage from fruit bursting (heatstroke), so the overall production volume is expected to decrease by 20-30% compared to the average year,” but added, “There will be no problem with supply because many farmers have adjusted their shipment timing to the peak season.” Oh Sang-yong, head of the ...