Egypt: Argentine farmers throw away tons of oranges due to the economic crisis

Published Jul 2, 2024

Tridge summary

Amid a severe economic crisis in Argentina, farmers have disposed of 8 tons of oranges due to weak domestic demand, with inflation hitting 71% this year, severely affecting citizens' purchasing power. Meanwhile, the global orange market is expected to grow from $3.84 billion in 2024 to $4.79 billion by 2029. Egypt, a major player in the orange market, is the largest producer in its region and the fifth globally, with export volumes projected to rise by 25% in the 2023-2024 marketing year. Key export destinations for Egyptian oranges include the Netherlands, Russia, and Saudi Arabia, with current prices in Egypt's Obour Market ranging between 6 and 7 pounds per kilo.

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Original content

Written by: Omnia Assem: Argentine farmers got rid of 8 tons of oranges due to weak demand for purchases in the country, which is suffering from a major economic crisis. A circulating video published by international media captured the moment farmers got rid of tons of oranges. Inflation in Argentina has jumped to 71% since the beginning of this year, which has greatly affected the purchasing power of citizens who stood in lines to sell gold and inherited gifts to cover living expenses. The size of the global orange market is estimated at approximately $3.84 billion in 2024, and is expected to reach $4.79 billion by 2029, with an annual growth rate of 4.53% during the expected period (2024-2029), according to the “Mordor Intelligence” platform. According to the US Department of Agriculture, Egypt is the largest producer of oranges in the region, and the fifth global producer, and its production reached 3.7 million tons in the 2023-2024 season, representing 8% of global production. ...

Source: EGmasrawy