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Why are prices so low?

Turkey, Egypt, and China clash on the early peach market

According to EastFruit analysts, the active export season for fresh peaches has begun in the region. However, this season is completely different from all previous ones, and the main troublemaker in the market is Egypt.

As EastFruit predicted back in February, Egypt sharply devalued its currency, which led to a sharp decline in prices for their products on foreign markets. This led to an imbalance in the trade of early peaches on the regional market.

According to international fruit market expert Evgen Kuzin, "On the wholesale market of Cairo in Egypt, peaches appeared in early March 2024 at a price of US $0.51-0.61/kg. Now the price has already dropped to US $0.32-0.53/kg in US dollar equivalent, which is incredibly cheap for the international market. However, in Egyptian pounds, the price is not significantly different from the usual one."

"Turkey has begun exporting greenhouse peaches and the price for delivery next week is US $2.85 per kg. However, Egyptian exporters are already offering peaches on FOB terms for delivery in 2 weeks at a price of US $1.57/kg, so Turkish suppliers have no choice but to reduce the price. The devaluation of the Egyptian pound has seriously spoiled the season for peach exporters from Turkey," says Fedir Rybalko, an expert on fruit and vegetable trade and logistics.

Considering that the domestic price of peaches in Egypt does not exceed 50 US cents, we can expect that as soon as Turkish peaches become cheaper, Egyptian exporters will be able to reduce prices even more, because exporters' margins now reach US$1 per kg and provide a significant price flexibility.

In the meanwhile, China still dominates the early peaches markets of Central Asian countries. The prices there are much higher. In particular, in Uzbekistan, the retail price for peaches is about US $5.5 dollars per kg, and the wholesale price is about US $3.0 per kg. At this price, shipping peaches by air from Egypt may well make economic sense.

In Tajikistan, the retail price of peaches is even higher than in Uzbekistan and is close to US $6.7 per kg. Only peach and nectarine from China are available here as well.

It is possible that in the near future, products from Turkey and Egypt will appear on this market, displacing Chinese peaches. However, the window of opportunity in these markets is not as long as in Eastern or Central Europe, because the southern regions of Uzbekistan and Tajikistan also begin to harvest peaches very early. If these regions started growing early peaches in film greenhouses, they could well not only meet the needs of the domestic market in April-May, but also export products to colder countries.


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