China: Ginger price drops by over 20%

Recently, large quantities of Shandong ginger entered the market, which has led to a drop in the ginger price. According to data from the Xinfade Market, the price was between 1.5 and 3 yuan per 500 gram. That is a drop of 25% from last week, but similar to last year's price.

According to the Xinfade Market Statistics Department, in May last year, large quantities of ginger were put in refrigerated storage through floating capital, so the supply of fresh ginger was limited. In September, the ginger price almost doubled. After October, however, there was a large supply of ginger from the main production regions in China, such as Laizhou, Changyi and Anqiu in Weifang, Shandong. In order to provide storage for new ginger and get rid of the old, the ginger farmers have dropped their prices dramatically.

Because the majority of the ginger on the market is new, and there has been a large harvest, the Xinfade Market Statistics Department states that this year's ginger price will not be very high, if there is no floating capital.

Source: Beijing Evening News

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