Hyundai Corporation, a South Korean trading entity, reported an increase in quarterly earnings, primarily due to a surge in Cambodian mango imports. The rise in imported fruit demand, including mangoes, is linked to escalating fruit costs within Korea.
Hyundai Corporation's mango imports from Cambodia in the first quarter surpassed the entirety of 2023's imports, which totaled 300 tons. This surge is partly due to the significant rise in Korean fruit prices. The Korea Agro-Fisheries & Food Trade Corporation noted a 41 percent increase in apple retail prices, reaching 3,050 won. A contributing factor to Hyundai's success is the government's temporary elimination of mango import tariffs, reduced from 24 percent to zero percent starting January. Hyundai Corporation expanded into the mango sector in 2014, acquiring a farm near Phnom Penh, Cambodia.
[ 100 won = €0,07 ]
Source: pulsenews.co.kr
Photo source: Hyundai Corporation