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China: Raw betel oversupply is causing prices to drop
The data on raw betel from Hainan Province announced on November 10 showed that sales of raw betel in October dropped by nearly 18% in comparison to the September average. Purchases dropped from 1,230,000 tons in September to 190,000 tons in November. Compared to August the rate is even lower - 23%. The raw ingredients market in August-October 2017 didn't look good in general. The trend towards a decline in the prices is clear.
According to the Hainan Wanning Betel Association statistics, in 2015-2016, Hainan province has implemented a policy of betel industry support and, as a result, the total area of betel cultivation reached 905.8 ha. Total output of betel nut in Hainan Province in October was 1,345,600 tons which is the highest output of this year. According to Hainan Provincial Department of Agriculture, in November and December, the main fruit harvesting months, total output may reach 4 million tons.
The Hainan Bureau of Statistics reported, at the beginning of October, that there were 7% more raw betel nuts stored in warehouses than last year. The contradiction between a rapidly growing planting area and limited market demand is becoming increasingly prominent. Raw betel supply may exceed market demand very soon and the price may drop significantly.
Source: China Internet Information Center
Publication date: 11/17/2017
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