Onion prices hit record highs in Spain amid global shortages

Published 2023년 3월 14일

Tridge summary

Spain is experiencing a severe shortage of onions due to a significant decrease in both national and global production, leading to a drastic reduction in supply. The country has seen a 45-50% drop in late onion production and a nearly 30% decrease in cultivation area, resulting in record-high prices. The situation is further exacerbated by export restrictions in countries like South and Central America, Pakistan, and Morocco, and production challenges in New Zealand and Peru. High prices do not equate to substantial profit margins due to increased production costs. Ukraine is grappling with a similar crisis, with a significant decrease in domestic production and increased imports from Poland. Unfavorable weather conditions have led to a higher percentage of non-standard onions, which are not suitable for long-term storage. The Philippines is also facing unprecedented onion prices amidst inflation, with the current prices reaching record highs.

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

Original content

Onions in Spain are sold at very high prices amid a reduction in supply both nationally and globally, which has led to significant shortages in the markets. The production of late onions in Spain this season has fallen by 45-50% compared to previous years, EastFruit reports. Areas devoted to this crop have been reduced by almost 30% due to poor results achieved in previous seasons. Since the start of the campaign, demand for onions has been strong and prices have risen to unprecedented levels, said Luis Fernando Rubio, director of Procecam, the Association of Onion Producers of Castilla-La Mancha. There are many importers asking for onions, but almost all the onions have already been sold. Follow the news in a convenient format: Follow us on Twitter There is a significant global deficit. Many countries have imposed export restrictions to protect their local markets, which is highly unusual. There were restrictions in South and Central America, in Pakistan, and now in Morocco, - ...

Source: Landlord