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Onion prices collapse in Azerbaijan – what are the reasons?

According to EastFruit analysts, a record high onion harvest was harvested in Azerbaijan in 2023. This led to a serious excess of supply over demand and to a collapse in onion prices. At the moment, wholesale prices for onions in Azerbaijan are at the lowest level in the region and amount to about $0.15 US dollars per kg.

For comparison, prices for onions in neighboring Georgia are close to US $0.28 per kg, which approximately corresponds to the price level also in the markets of Ukraine and Moldova. In Russia onion prices are only slightly higher than in Azerbaijan – about $0.16 per kg.

Onion prices decline so rapidly in Azerbaijan due to the fact that it is not possible to export the product at the moment due to the relatively low prices in all traditional markets.

Read also: Onions – store until spring or sell now?

Azerbaijan usually exports the bulk of onions in May, taking advantage of its climate. The main markets for onions exported from Azerbaijan are Russia and Georgia. Obviously, at present, suppliers from Azerbaijan will try to sell onions to Georgia, where prices are slightly higher. Let us remind you that a full review of onion prices can be read in our recent analytical report.

Also, if the information is confirmed that Turkey lifted the ban on onion exports, this may become an additional incentive to reduce onion prices in the region and in the markets of Georgia and Azerbaijan in particular.

EastFruit

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