Supplies of dried apricots from Turkey to the United States are slowly increasing as the season hits its peak. Over 95% of dried apricot imports to the United States are from Turkey. Shipments of the fruit have been delayed this year however, due to a cool growing season in Turkey. Moreover, customers are expecting the quality and size of the fruit to be more variable this year.This has affected supplies for Great Lakes International Trading (GLIT), an importer and supplier of dried fruits and nuts based in Michigan. "We are expecting the new crop to begin shipping very soon", said Denny Malone, with GLIT. "The harvest is very large this year, this will result in an abundance of smaller fruit and could end up with a shortage of larger sizes.”
Quality and supply impacting on price
Malone further explained that the quality of the apricots has also been variable. "Along with the large crop, there has been a high percentage of fruit with defects. Some of these defects include hail damage and speckling. Therefore, we don't know yet if the higher production will actually result in a higher yield." Damaged fruits are typically not sold whole to consumers due to their appearance.
The current spot price on dried apricots is around $1.45/lb, which is close to average for this time of year. However, moving forward it is unclear what direction prices will take until supply is steady. Some importers have been holding off, hoping for lower prices as tonnages and quality become more apparent. Conversely, Turkish exporters are procrastinating, waiting for demand to increase and have not lowered prices. As inventory levels drop and fruit becomes more abundant at origin however, this stalemate will eventually be broken and supplies should return to normal.
For more information:
Denny Malone
Great Lakes International Trading
Tel: +1 231 947 2141