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China: Garlic prices continue to rollercoaster
This year, fresh garlic has just entered the market. The price, however, has suddenly gotten to the freezing point. Once the garlic entered the market, the price acted as a dramatic "Waterloo". After it climbed to the highest point of this year at the end of April, it dropped again steeply. At first, the price was only around 0.60 yuan/500g. A low price like this hurts the enthusiasm of garlic producers. Right now, the price is only 20% of the initial price.
In fact, this low price and the fact that garlic is not selling well were to be predicted. Earlier this year, news that garlic shoots were not selling well was heard from many producers. The market also was not very optimistic about the price. As an early stage product, the low priced garlic shoots lack of sales reflected a garlic market where the supply exceeds the demand. These worries have now become a reality.
According to garlic sellers, after garlic from northern China has entered the market, the price will drop fast. Many farmers are pressured to lower their prices. Garlic that they are not able to sell will be processed to become dried garlic. Turning large quantities of garlic into dried garlic will slow down the fast decreasing garlic price.
Source: Tencent Da Yan Network
Publication date: 6/19/2017
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