The wholesale price of onions in Georgia started to decrease, although the price decrease was preceded by a peak. At the end of January, the wholesale price of onions on the Georgian market increased from 1.6 GEL/kg ($0.6) to 2.3 GEL/kg ($0.87) in one week, which pushed imports. As a result, Georgia imported 3 460 tonnes of onions in January, mostly from Russia and Azerbaijan. According to the Ministry of Finance of Georgia, the average import price of one kilogram of onion in January was $0.38, while the wholesale price on the spot at the end of the month equaled $0.9 (2.4 GEL).
Source: EastFruit
In January, the sales of local stocks also renewed, before the price peak, local producers and wholesale resellers refrained from selling onions, expecting a higher price. Onion prices reached a peak of 2.4 GEL/kg in mid-February and now we are seeing a decline.
Local wholesalers in a conversation with EastFruit say that the market is currently dominated by imports. In addition, the quality of onions imported in January is gradually deteriorating and importers will try to sell stocks in time to avoid losses caused by product spoilage. Accordingly, there are no expectations that the prices will increase once again. On the contrary, it is more likely that onions will become even cheaper before the new season starts.
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