Onion market in Eastern Europe and Central Asia

Published 2024년 7월 22일

Tridge summary

The article provides an overview of the dynamic nature of the onion market over the past two years, highlighting significant price fluctuations that led to export bans in several countries. Despite warnings of an impending price drop, many stakeholders took advantage of the high prices, only to face substantial losses when prices crashed. Currently, the market is finding equilibrium, with varying price levels across different regions. The article also touches on the potential impact of heatwaves on onion production in Ukraine and discusses the challenging market conditions in Central Asian countries like Uzbekistan and Tajikistan. It suggests that the recovery of the onion market is expected no sooner than fall 2024.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

For the previous two seasons in a row, onions were the main newsmaker in the fruit and vegetable market. Immediately, in the 2022/23 season, onion prices suddenly broke all conceivable price records, exceeding the unimaginable level of 1 euro/dollar per 1 kg in wholesale in many countries. An unprecedented number of countries then responded to the situation by introducing a ban on onion exports, which further fueled the market. Among these countries were Turkey, Egypt, Uzbekistan, Tajikistan, Kazakhstan, Kyrgyzstan and others. It is not surprising that in the next season the situation was mirrored. And although EastFruit analysts warned in advance about the danger of a collapse in onion prices, many were seduced by the very unobvious prospect of quickly doubling or even tripling their investments. As a result, they could not only be doubled, but also returned. Onion prices collapsed, and farmers and traders had to throw out excellent quality onions or simply feed them to animals. ...

Source: Eastfruit