Exactly as EastFruit analysts predicted still in June 2023, onion bubble has formed in Central Asia. Consequently, this led to a huge oversupply of onions on the domestic market and a sharp drop in prices. We posted this video, which went viral, showing a flock of sheep being fed with perfect quality onions while farmer is complaining that there is no demand for his vegetables.
Some estimates put the stocks of onions of 2023 crop in Kazakhstan at 160 thousand tons above the local consumption levels, which we think might be even a conservative estimate. Thus, if you want to make money on onions, check our Telegram-based trading platform and find suppliers of very cheap onions from Kazakhstan, Uzbekistan and Kyrgyzstan. Also, if you want to be the first to know about the weekly changes in wholesale prices for fruits and vegetables in the countries with combined population of 453 mn people, including: Turkey, UAE, Egypt, Poland, Ukraine, Moldova, Russia, Uzbekistan and Tajikistan, subscribe to EastFruit Premium here.
According to the Ministry of Agriculture of Kazakhstan, 1.1 million tons of onions are produced annually in Kazakhstan, and its consumption averages 315 thousand tons. By the start of harvesting work in 2023, wholesale prices for onions were US $300 per ton, and now they are down to US $33 per ton – almost 10 times lower!
Since Russia had a very good onion harvest of its own and it usually is the main market for onions from Kazakhstan with 95-95% of product going there, the situation with sales has been really bad. Moreover, southern regions of Central Asia are already harvesting the onions of new crop, which is expected to be ample as well.
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