According to the latest statistics of the market, within just one week the price of garlic in China is rapidly declining.
Currently, the price in the domestic market is 1.3 yuan / 500g (USD 0,40 per 1 kg) compared with 2.2 yuan / 500g (USD 0.64 per 1 kg) a week earlier. That is 36% lower than last week and 32% lower than last year.
The price of Chinese garlic for export :
- 05/23/2017 – 7100 yuan (5 diameter, white, the mesh) – 1,04 USD FOB Qingdao
- 06/02/2017 – 6800 yuan (5 diameter, white, the mesh) – 0,95 USD FOB Qingdao
And this is minus 9% for the week
In previous years, the garlic from Shandong province appeared 3-4 weeks later than garlic from Henan province. However, this year the difference is only two weeks, and therefore simultaneously from different regions of garlic entered the market. What also influenced the price change.
In addition, prices also fall and dried garlic. The weekly decline has already reached 21.72%.
Market participants note that prices of garlic will fall further as the harvest continues to picking up.
Posted by: Andrey Marchenko
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