COVID-19 is uprooting supply chains all over the world and severely disrupting agricultural trade. Border closures and export bans have led to wild price fluctuations of key products all over the world: ranging from high prices for ginger in Indonesia to decreased prices for lobster in Canada.
Product availability, border restrictions, and logistics regulations are changing almost daily. To help you stay on top of the agricultural market in these times, Tridge has compiled reports about the influence of the novel coronavirus on the agricultural market. The reports cover 8 different regions:
Creating a clear, simple overview of the agricultural markets in these regions and how they have been affected by COVID-19 has been the aim of these reports. As such, the focus is on three major topics: border restrictions hampering trade; the logistics situation for each region and regulations influencing the export or import of certain products; and the influence of the coronavirus on the export/import and domestic markets in the region.
Using Tridge’s extensive Engagement Manager (EM) network, the reports have been compiled using local insights from 40+ countries. Tridge’s EMs have extensive experience in the field and provide up-to-date information on the situation in their markets.
Southeast Asia: Southeast Asia has been suffering from the effects of the virus the longest. The border closure of China and subsequent fall in demand has led to lower prices for spices, tea, coffee, seafood, and rice. Read the whole report here.
Asia Pacific: Lack of demand and supply from China has uprooted major industries in the Asia Pacific, ranging from seafood and wine to ginger and garlic. Read the whole report here.
The Middle East & North Africa, Turkey: The severe coronavirus outbreak in Iran has disrupted trade in the region. As many products were transported from Turkey through Iran to the rest of Asia, exporters have had to find alternative routes - causing delays and price increases. Read the whole report here.
South and East Africa: As Coronavirus infections are rising on the African continent, agricultural trade is increasingly more affected. Demand for avocados and cashews has been low, leading to low prices for these products. Read the whole report here.
Western Europe: On March 17, the European Commission closed EU borders of 27 member states to all non-essential travels for a minimum of 30 days. This has caused delays for all forms of transport. Read the whole report here.
Eastern Europe and Central Asia: There are severe transport delays along the Ukraine-Russia and the Russia-Kazakhstan border due to increased sanitary inspections. Prices for Ukrainian wheat have also fallen due to the fear of the global economic consequences from the coronavirus pandemic. Read the whole report here.
North America: Prices currently remain relatively stable even though customers have been stockpiling non-perishable food items. Seafood trade has been hit the hardest by decreased demand from Asia and Europe. Read the whole report here.
South/Latin America: Amidst border closures across the region, many Latin American exporters face difficulty in securing containers for the products. This leads to higher prices for certain key products, such as soybeans. Read the whole report here.