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Cherry prices in Vietnam rise 35% ahead Tet with high demand for premium imports

As the Lunar New Year, or Tet, draws near, Vietnam is witnessing a surge in cherry prices, with imports from New Zealand and Australia reaching nearly $79.7 per kilogram, marking a 35% increase from the previous year. This price hike has not deterred demand, particularly for premium varieties from these countries.

In Ho Chi Minh City, a fruit shop on Le Van Sy Street in District 3 is offering New Zealand cherries, sized 32-34 mm, at nearly $79.7 per kilogram. Cherries of smaller sizes are available for $37.9 to $43.2 per kilogram. Australian cherries, within the same price range, were sold out by Jan. 25, just before the holiday. Meanwhile, Chilean cherries, presented as a more budget-friendly choice at $8.1-10.6 per kilogram, are being ordered in bulk, with premium varieties selling out days before the holiday, at prices 20-35% higher than last year.

According to a shop owner on Quang Trung Street in Go Vap District, "Cherries are a popular Tet gift, especially the premium lines. Many customers pre-ordered weeks in advance to ensure they have stock during Tet." The nine-day New Year break is set to begin Saturday. Online platforms have also seen many shops announcing sold-out stocks, with some customers facing a 2-3 day wait for their orders due to delayed import shipments.

Hanh, a fruit trader specializing in Australian imports, mentioned that Jan. 26 was the cutoff for orders of air-shipped cherries. The high demand has pushed traders to source from more distant markets to secure fresh, high-quality stock. "The key to cherries is freshness. I've sourced the newest stock for my customers, but prices are higher," she stated, noting that a 2-kg box of cherries sized 30-32 mm costs around $63.3-$67.4.

Supermarkets have imported hundreds of tons of Chilean cherries to satisfy Tet shopping demand, with consumption rates reaching up to 80%. With the holiday lasting until Feb. 2, supermarkets in HCMC are continuously restocking. The market currently features cherries from Canada, Chile, Australia, and New Zealand in various sizes, including a limited supply of organic cherries.

The increase in cherry prices this year is attributed to reduced supply and heightened demand. Australian cherries quickly sold out as production decreased, with many farmers reducing planting areas. U.S. cherries, which typically compete with those from Australia and New Zealand, have been out of season since late last year, further contributing to the price increase.

Source: VNExpress

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