The price of fruit in South Korea is expected to rise in the wake of typhoon bolaven that damaged pipfruit crops when it swept across the country earlier this week.
The Korea Herald has reported insurance payouts to affected farmers are expected to reach W80bn (US$70.5m) with insurance provider Nonghyup estimating damage to 9,424ha of orchards. Compounding problems for growers, a second typhoon, Tembin, is expected to hit the country in the coming days.
The damage is estimated to be twice that incurred when typhoon Kompasu hit the country two years ago causing losses of W39.1bn.
Traders told the Korea Herald they expected prices to spike as a result of the typhoon, especially as demand increased ahead of Chuseok – or Korean Thanksgiving, that takes place next month. Fruit is typically used for gifting over the three-day festival.
“Fruits were expected to be cheaper this autumn because the harvest looked to be good this year but the supply suddenly dropped due to the typhoon. Fruit prices will soar,” an insider at Seoul Agricultural and Marine Products Corporation told the newspaper.
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