China recently welcomed its first shipment of Chilean cherries for the season, with prices dropping by more than 20% in some sales channels due to a bumper harvest, according to merchants.
The initial vessel, carrying nearly 540 containers of cherries totaling around 14,000 tons, arrived in Guangzhou. Chile anticipates a 50% increase in cherry production this year compared to last year, with improved quality following the El Niño climate pattern.
At Guangzhou's Jiangnan wholesale market, cherry prices have fallen to approximately $15 per kilogram, down from $20 earlier this month. This is a significant decrease from last year's range of $18 to $22.
At Alibaba's Freshippo grocery chain, cherry sales have surged by 90% month-on-month, with prices down 23%. Jumbo-sized five-kilogram cherry packages now cost around $27, reduced from $35, while extra jumbo varieties are priced at about $41, down from $53.
Chile's cherry season, extending into the next year, is expected to break records. The Chilean Fruit Exporters Association forecasts a 50% increase in global exports, reaching approximately 124.5 million five-kilogram boxes (around 620,000 tons).
Last year, over 90% of cherries imported into China came from Chile, according to customs data.
Source: YiCai Global