Around the Mid-Autumn Festival, the ginger export market ushered in a wave of rising prices. The main reason for this is that markets such as Europe have begun to place orders for ginger for the new season, and many processing factories have therefore begun to actively purchase ginger, which has promoted the increase in export prices to a certain extent. The Chinese National Day holiday will come next week. It is expected that customers will arrange orders and deliver goods in advance, but this will not lead to a surge in purchases.
"At this stage, the arrival price of ginger sent to Europe is about US$1,700-US$1,800 per ton. This price is about 30%-40% lower than the US$2,400-2500 per ton in the same period last year. The price drop has a certain relationship with the changes in demand in the domestic and foreign markets. In addition, some overseas ginger is cheaper and the quality is stable this season, among which Brazilian ginger is the best representative. With many overseas customers purchasing Brazilian ginger specifically, the current large amount of ginger on the domestic market in China has eventually led to a price drop," Jason Wang from Anqiu Tailai Foods Co., Ltd. said in an interview with FreshPlaza.
Jason added: "The most unstable shipping factor now is the cost of ocean freight. Although some shipping companies announced the suspension of shipping costs some time ago, this part of the effect has not yet appeared. On the contrary, many freight forwarders said that the rising trend of shipping costs will not stop in the short term, and a new round of rising is likely to occur in mid-to-late October. As we all know, the congestion in American ports is still very serious. This invisibly increases the transportation cost to the shipping company, and the shipping company is likely to transfer the cost to the shipper out of helplessness. Therefore, I believe that if congestion continues to increase, ocean freight rates are likely to continue to rise."
For more information:
Jason Wang - Sales Manager
Anqiu Tailai Foods Co.,Ltd