Review of the European Union onion market or why prices may set new records?

Published 2024년 2월 15일

Tridge summary

Onion prices in the European Union are surging due to a combination of factors including the blockage of the Red Sea passage, a crucial route for onion imports, due to Houthi terrorist attacks, and the extension of Egypt's ban on onion exports. Additionally, while Central Asian countries like Uzbekistan and Kazakhstan have large, cheap onion reserves, quality and logistical issues pose challenges. Tajikistan has also unofficially banned onion exports. Furthermore, the first batches of onions from Spain and Italy, due in mid-April, are expected to be costly due to high prices and low supplies in these countries.

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

Original content

According to EastFruit analysts, onion prices in the European Union continue to rise. At the same time, a number of reasons have recently emerged for maintaining high prices longer than previously expected. Therefore, we decided to list these reasons. Red Sea and the Houthis How does this affect onion prices in Europe? The fact is that Europe imports significant volumes of off-season onions, especially in years with high prices, from New Zealand. However, due to the fact that the actual passage through the Red Sea is blocked by Houthi terrorist attacks on civilian ships, they will have to go around Africa. And this extends the route by 12-17 days and increases its cost, which also affects the cost of already expensive onions from this remote 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. Egypt and new bans Egypt has again extended its ban on onion exports. ...

Source: Eastfruit