China has seen a significant drop in cherry prices, with rates more than halving since October when the fruit first made its appearance in the markets. The surge in imported cherries, including those sold via e-commerce platforms, has led to a market oversupply, driving sales up.
Top-tier JJJJ cherries, renowned for their minimum diameter of 32 millimeters, are currently priced at CNY116 (USD23) per kilogram, down from an earlier price of CNY336 per kg, a retailer from a farm produce market in Shanghai's Pudong New Area disclosed to Yicai. The retailer anticipates prices to remain stable this month and slightly increase during the Lunar New Year holiday next month.
As the cherry supply continues to inflate, sales figures are following suit. Dingdong Maicai, a prominent e-grocer, has experienced a 70 percent surge in cherry sales in the past two weeks compared to the previous month, as reported by Hui Xingpeng, a fruit development specialist at the company. The e-grocer can easily sell 10,000 servings of JJ-grade cherries daily.
China holds the title of the world's largest cherry importer, with cherry imports growing at an average annual rate of 20.4 percent over the past five years, as per data from iQonsulting, a Chilean fresh fruit export consulting firm. In the 2022 to 2023 production season, China imported a whopping 378,000 tons of cherries, with Chile accounting for 97 percent of these imports.
Source: www.yicaiglobal.com