Today's Date:  Monday, July 02, 2012

Price of Korean Cabbage Surges … Prices of Other Agricultural Products Also Show Big Increases … Drought was a Key Reason [Korean, OSY]

http://news.ichannela.com/economy/3/01/20120702/47447546/3

Summary: The cold winter earlier this year coupled with severe drought in May and June has resulted in reduced harvest of vegetables so far this year.  Consequently, prices of related products are showing significant increases from normal years.  For example, average retail price of Korean cabbage in the market as of June 28 was 2,597 won per head, up more than 100 percent from last year.  Prices of red pepper, radish, onions, and green onions were over 40 percent higher than last year’s. 

Internet Emart Mall Records 1 Million Visitors since Launching in February [Korean, OSY]

http://news.ichannela.com/economy/3/01/20120702/47447744/3

Summary: Emart reported on July 1 that the number of visitors to its on-line shopping site, Emart Mall, had exceeded 1 million since launching in February this year.  In particular, ‘5 minutes shopping corner’ in the site was the most popular tool for the shoppers, according to Emart.  ‘5 minutes shopping corner’ is ‘one click’ shopping tool for complete ingredient packages for 900 recipes offered in the site.  Emart said families with both parents working are the major customers of the ‘5 minutes shopping corner’.

Sales of Imported American Fresh Cherries Show Big Increase … Partly Due to Elimination of Import Duty under KORUS FTA [Korean, OSY]

http://www.yonhapnews.co.kr/economy/2012/07/02/0301000000AKR20120702053000003.HTML

Summary: According to Lotte Mart, a leading discount retail store chain in Korea, imported fresh American cherries were the top selling item in its fresh imported fruit section in June with a 36.6 percent share.  Total sales in value was about three times larger than last year’s.  One of the reasons for strong sales growth of cherries was elimination of the 24 percent import duty under the KORUS FTA.  Wholesale price of fresh imported American cherries in Garak Wholesale Market was 80,183 won per 5 kilogram box on average in June, 13 percent down from last year.