China: 80% ginger price drop in a year

Contrary to onion and garlic prices, Chinese ginger prices have fallen sharply this year. Anqiu, in Shandong province, is one of the biggest ginger producing regions in China. Ginger prices have dropped from 6 to 8 Yuan per kilo (around €1) last year, to only 0.60 to 0.80 Yuan per kilogram this year. On the current market, many ginger growers are facing losses.

Ginger is the main traded product at the Shengda Agricultural Products Trade Market located in Anqiu city. From that market the ginger is sold across China. In 2015, sales volumes reached over 600 tons per day. Currently, daily volumes do not surpass 300 tons.

Causes of the prices decline are a worsening economic climate in China. This has affected the catering industry, which is a large consumer of ginger. In addition, in the second half of 2013 and in 2014 the ginger market price increased significantly. In 2015 ginger production ballooned. When this new ginger arrived on the market in the autumn of 2015, the price started to collapse. Currently, both domestic and export ginger prices have declined significantly.

Source: CCTV


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