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China: High fruit prices dip

According to data released on September 10 by the National Bureau of Statistics, China food prices in August rose by 10% year-on-year, with pork prices rising by 46.7% and fresh fruit rising by 24%, an important reason for the rise in overall food prices.

According to data from across China, with seasonal fruit such as watermelons, melons, peaches, and apricots flooding the market, prices of various types of fruits have gradually declined since July. The price of fresh fruit in August rose by 24% year-on-year, 15.1% lower compared with that of the previous month.

"In the first 6 months of this year, especially in the second quarter, fruit prices rocketed, which is caused by a combination of factors,” Lu Fang, president of the China Fruit Distribution Association, said.

First, due to poor weather last year, fruit production declined, resulting in lower stocks this year and consequently higher prices. According to Lu Fang, freezing weather occurring around the Tomb Sweeping Day in 2018 affected a large part of China, which had a great impact on production areas. The change in supply and demand was the main reason for the general increases in fruit prices.

Secondly, extreme weather conditions occurred again in the first half of this year, leading to lower production in Southern China and driving fruit prices even higher.

Finally, the high costs associated with stocks has also made fruit traders reluctant to lower prices. Currently, most of the Fuji apples on the market are still stocks from last year. Due to high purchase prices and long cold storage that resulted in high costs, prices cannot be greatly lowered, but with this year’s crop flooding the market, there is no place in the market for high-priced stocks.

Source: People's Daily

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