According to EastFruit analysts, Ukraine continues to increase onion exports against the backdrop of a growing shortage of onions in the European Union and falling prices in Ukraine. In particular, Ukrainian onion exporters managed to increase the volume of shipments to the markets of Romania and Moldova, as well as to expand the geography of exports. For the first time last week, wholesale quantities of fresh onions from Ukraine were exported to Bulgaria, Greece, and North Macedonia.
Let us remind you that prices for onions in Ukraine last week, unexpectedly for many, dropped sharply. Many market participants believe that this price decline is temporary, and after the sale of surplus onions of low quality, prices will recover again and even exceed previously reached levels. For now, onion prices in Ukraine are closer to the long-term average, i.e. are not critically low. Although it is clear that most of onion growers were expecting much higher prices in the current season remembering record high levels of 2022/23.
However, given the high stocks of onions in storage facilities of Central Asian countries, as well as the approaching start of the new onion harvest at the end of March, analysts do not predict a repeat of the price records of spring 2023 in Ukraine.
Read also: Onions prices drop in Ukraine and Poland – what’s happening?
Moreover, it is possible that Ukraine will continue exporting onions, given the prospects for record high prices for onions in the European Union in March-April 2024. Today, prices for onions in Ukraine allow this, and many market participants believe that this price gap between prices in the EU and Ukraine will remain in the coming months, and perhaps even increase.
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