China: Price of pickled red peppers drops

The price of pickled red peppers in Wanbang Market showed a downward trend in comparison with last week. The average price this week is 15.63 yuan [2.27 USD] per kg. The average price last week was 20.50 yuan [2.98 UDS] per kg. The average price last month was 12.70 yuan [1.85 USD] per kg. This week's price decreased by 23.78% in comparison with last week, but increased by 23.03% in comparison with last month.

The main reasons for the downward trend include: first, the supply volume from production areas expanded. The main supply comes from production areas in Shandong, Jiangsu, and Hebei. May 1st just passed and the temperature is rising. This means that the red peppers ripen more swiftly, which in turn means that the supply volume grows and the price drops. Second, the transport cost decreased. Traders explained that the number of trucks on the road increased after May 1st and the transport cost therefore came down from around 2,500 yuan [363 USD] to around 2,000 yuan [290 USD] per truck.

Competition is fierce, which puts pressure on the price. Of course, as the temperature rises, the variety of peppers on the market grows, and the price of peppers is different for each pepper variety.

The price is likely to fall even further as supply grows. Only when natural peppers enter the market in July will the price return to normal.

Source: moa.gov.cn


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