Onion prices in Europe may break records

Published Feb 15, 2024

Tridge summary

Onion prices in the European Union are set to rise due to a combination of factors. These include import difficulties, an export ban from Egypt, and quality issues with Central Asian products. The Red Sea passage blockade due to terrorist attacks has forced ships to reroute around Africa, escalating costs. Furthermore, large onion stocks in Central Asia are germinating in non-climate controlled warehouses, creating additional risks for importers. Analysts predict that by mid-May, onion prices in the EU could surpass last year's levels and set new records.

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

Original content

The price of onions in the European Union countries is increasing due to a significant share of imports, which are difficult to deliver by sea around Africa, the ban on exports from Egypt, difficulties with logistics and problems with the quality of products from Central Asia. This is reported by EastFruit. Project analysts note that Europe imports significant volumes of off-season onions, especially in years with high price levels, from New Zealand. However, due to the blockade of the passage through the Red Sea by the terrorist attacks of the Houthis, civilian ships have to go around Africa. "And this lengthens the route by 12-17 days and increases its cost, which also affects the cost of onions from this remote country, which is already not cheap," experts note. In the same way, the products of other Asian countries, in particular India and China, go to Europe. Egypt, the largest supplier of onions to the EU at the time, again extended the ban on onion exports. In the countries ...

Source: Agrotimes