Hong Kong is experiencing a surge in American cherry imports, leading to a significant drop in prices, over 30% lower than last year. As imports into mainland China face hurdles, many Washington State cherries are being redirected to Hong Kong, overwhelming the market, as reported by Guojiguoshu.
At the Yau Ma Tei Fruit Wholesale Market, cherries are now selling for about $5.10 per pound, down significantly from previous years. According to importers, the market is currently handling around 12,000 boxes of air-freighted cherries daily, up from 8,000 boxes at the same time last year.
Despite the sharp increase in supply, demand remains subdued. A 5-kilogram (11-pound) box that fetched around $51 last July is now priced between $33 and $35.70, a drop of approximately 35%.
While the total value of U.S. fruit imports into Hong Kong jumped 118% in April, the value of fresh cherries re-exported to mainland China dropped by 72% between February and April.
Source: Guojiguoshu
