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Will onion prices stay high in Georgia?

Georgian onion season begins around mid-June. EastFruit analysts highlight that this season, wholesale prices for the product are about twice as high as the last year. Moreover, the prices have remained on high level for an unusually long time. For example, at the start of the 2019 season the onions were as expensive as this season, but the prices started to gradually reduce in August.

Last week’s survey of Georgian market showed that the onions were sold for $0.48/kg – the highest price observed for that particular week, and practically the average price since June. For the same period, the prices in the last season ranged from $0.20/kg to $0.25/kg.

When it comes to the onions, Georgia heavily depends on imports. Since 2014, about 70% of the onions consumed by the citizens of Georgia came from abroad. Such high dependency on the imports means that the country is importing the foreign prices along with the onions themselves. Observing EastFruit’s monitoring tool, one can see that current year’s onion prices have jumped similarly in the whole region. Georgia has just imported these prices through the external trade.

Looking into the future, the Georgian prices are not expected to stay at the current levels for long. Local supply will go up in the coming weeks as the harvesting continues throughout the country. This will put negative pressure on the onion prices as the Georgian onions have only one buyer – the local market. Having limited selling opportunities, Georgian growers will likely have to lower the prices from the current high levels.

EastFruit

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