Spanish 2023 Navel Orange Season Commenced in W3 With 20% Higher YoY Prices Expected

The first harvests of Spanish Navel oranges commenced in W3 of 2023. Exports are still not strong due to the presence of cheaper Egyptian origin oranges in the market. However, the high demand in Europe and high production costs are causing farmers to demand high prices. Thus, a slightly higher price is expected compared to the previous campaign for export, of around USD 0.97/kg EXW, representing an increase of 20% YoY. However, this will not be enough to cover the increase in costs derived from inflation. Therefore, the return for the farmer will be lower, despite the price increase.