Over the last week, wholesale prices for onions of new harvest in Uzbekistan fell by 20%. At the same time, current prices are three times lower than the previous year’s levels and almost approached the wholesale prices recorded in 2021. The main reason for this is the continuing decline in demand for Uzbek onions in foreign markets while maintaining sufficient supply in the domestic market, EastFruit analysts note.
According to EastFruit price monitoring data, over the last week – from July 14 to July 21, 2023, the average wholesale price of onions of the current year’s harvest decreased from 2500 to 2000 soum/kg (from $0.22 to $0.17), i.e., by 20%.
At the same time, the gap between current prices and last year’s levels is increasing because of a steady downward trend in wholesale prices for onions of the new crop in the current season. At the same time, the gap between the levels of 2021 is decreasing.
As of July 21, 2023, the average wholesale price for onions is three times lower than on the same date last year and one-third higher than on the same date in 2021.
In mid-June 2023, EastFruit wrote about the beginning of a downward trend in demand for Uzbek onions in external markets, which was associated with the arrival of new crop onions of local production in the main markets for Uzbek onions. It is evident that in the past period – from mid-June to the current date, the supply of new crop onions of local production in the main markets of Uzbek onions has increased, and this has led to a further reduction in demand for Uzbek onions in foreign markets. With a sufficient supply of onions in the domestic market of Uzbekistan, this, in turn, puts pressure on prices for this product.
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