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China: Garlic price drops 54%
Recently, the Lanling Cangshan garlic price has been falling. On 27 October, it was 2.30 yuan per 500 gram, which is a drop of 4.17% from 2.40 yuan on 22 October, and a decrease of 13.21% from 2.65 yuan two weeks ago. Compared to last month's 2.75 yuan per 500 gram, it is a drop of 16.36%. From last year's 5.0 yuan, the price has even dropped 54%.
From July, the Cangshan garlic price has gradually been dropping. It dropped to under 3 yuan per 500 gram in September. The price is at its lowest since the second half of 2015. There are three main reasons for this price drop. Firstly, there are large quantities of garlic in storage. Secondly, the expectations for the future market are not very good for storage owners. Lastly, the Chinese and international demand is rather weak.
It is estimated that the price will still be dropping around New Year's Day. Storage owners have no better choice but to dispose of their stored produce as soon as possible. This will pull the market price down even further.
Source: Lanling State Administration for Commodity Prices
Publication date: 11/6/2017
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