Broccoli and Cabbage Prices Surge in Hong Kong as Supply Crunch Cripples Wholesale Markets

Published Apr 11, 2022

Waves of panic buying have left supermarkets and vegetable stores facing a supply crunch that has led to a surge in broccoli and cabbage prices. According to Tridge’s wholesale price data, fresh-headed broccoli rose to USD 2.41/kg during W5 Mar-22, about 21% more than the price at the same time last year. Fresh Chinese cabbage prices have followed a similar trend, increasing to USD 1.38/kg during W5 Mar-22, a significant 58% YoY rise. According to the Hong Kong government, vegetable supply from China will rise in the coming weeks. Despite efforts from the government urging consumers not to over-purchase, consumer behavior could adhere to previous patterns, causing vegetable prices to remain elevated.

Waves of panic buying have left supermarkets and vegetable stores facing a supply crunch that has led to a surge in broccoli and cabbage prices. Another factor limiting vegetable supply is limited imports from mainland China in recent weeks due to many cross-border truck drivers not being able to ferry supplies to the city after testing positive for COVID-19.

According to Tridge’s wholesale price data, fresh-headed broccoli rose to USD 2.41/kg during W5 Mar-22, about 21% more than the price at the same time last year. Data from the Vegetable Marketing Organization at the Cheung Sha Wan Wholesale Vegetable Market also highlights a considerable increase in the average wholesale price of premium quality broccoli this month, rising by 11.6% during W1 of Apr-22. Fresh Chinese cabbage prices have followed a similar trend, increasing to USD 1.38/kg during W5 Mar-22, a significant 58% YoY rise. At the Cheung Sha Wan Wholesale Vegetable Market, green cabbage and white cabbage prices have remained elevated, rising by 45% and 66.7% during W1 of April, respectively.

At Wan Chai Market, many vegetable stalls stocking mainland Chinese produce were emptied in March, with certain stalls placing restrictions on the quantities that customers could purchase. This trend of panic buying has been a common theme in Hong Kong this year, with similar incidents occurring in January and February as COVID-19 cases continue to rise in the city. Prices of other vegetables such as Chinese kale, spinach, and watercress have also risen considerably in recent weeks as the supply shortage has spread through most of the major wholesale markets in the city.

According to the Hong Kong government, vegetable supply from China will rise in the coming weeks. This could stabilize the vegetable supply in the city and temporarily put downward pressure on wholesale prices. However, vegetable prices could generally remain bullish in Q2 as mass voluntary COVID-19 testing could occur in the coming weeks. Despite efforts from the government urging consumers not to over-purchase, consumer behavior could adhere to previous patterns, causing vegetable prices to remain elevated.