In the EU, the price of onions may become a record

Published Feb 19, 2024

Tridge summary

Onion prices in the European Union are set to hit record highs due to a combination of factors including the Red Sea blockade increasing import costs, Egypt's extended ban on onion exports, and issues with sprouting in Central Asian warehouses. The first harvests from Spain and Italy, expected in mid-April, are also predicted to be costly. Analysts anticipate that onion prices in the EU will not stabilize until mid-May.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Onion prices in the European Union continue to rise, and this may lead to a new record, analysts from EastFruit report. It is noted that Europe imports significant volumes of off-season onions from New Zealand. However, due to the blockade of the Red Sea by Houthi terrorist attacks on civilian ships, they have to bypass Africa, which increases the route by 12-17 days and increases the cost, which is also reflected in the price of onions from this country. "There is a similar problem with the supply of onions from other Asian countries. In particular, India and China supply onions to the region via the same sea route," the experts add. Meanwhile, Egypt, which is the largest supplier of onions to the EU, extended the ban on onion exports, which could significantly affect the market and support high prices. "The countries of Central Asia, first of all, in Uzbekistan and Kazakhstan, have large stocks of onions, and they are cheap. What's more, they have large calibers that are in ...
Source: Landlord

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