In an unexpected development within China's fruit market this winter, imported cherries have seen a notable decrease in price, with reductions reaching up to nearly 50 percent compared to previous years, attributed to a surplus in supply. This phenomenon has garnered attention from both consumers and retailers as the Spring Festival gifting season approaches.
Data from the Beijing Xinfadi Wholesale Market as of December 31 indicates that Chilean cherries are available at prices ranging from $2.46 to $6.15 per jin (0.5 kg), with variations based on size and quality. Wumart, a supermarket chain based in Beijing, has observed a significant uptick in cherry sales, attributing the increase to the reduced prices of double jumbo and triple jumbo-sized cherries by over 30 percent since the season's start, and nearly 50 percent from the previous year's figures.
Chile, as the primary source, contributes to nearly 90 percent of China's cherry imports. "Favorable weather conditions in Chile have led to a bumper harvest, and an increase in the cultivation area of the fruit has resulted in an oversupply in the Chinese market. We anticipate prices will continue to drop as more shipments arrive in the coming weeks," stated Zhang Yuelin, general manager of Xinfadi.
The price reduction was further influenced by the arrival of the first large shipment of Chilean cherries on December 26 at the Port of Tianjin, carrying approximately 8,000 metric tons of cherries in 380 containers. This increased shipment volume, coupled with reduced transport costs, has led to a 30 percent price reduction for premium varieties, such as double jumbo and triple jumbo cherries, compared to early-season prices, according to Jiemian.
Retailers are leveraging these price cuts to attract customers. A Wumart spokesperson mentioned, "With cherries becoming more affordable, they now serve as an appealing festive purchase, suitable for both family consumption and as gifts." MCG, a membership store operator, has also reported an increase in cherry sales across all sizes, driven by the lower prices.
The significant drop in cherry prices has sparked widespread discussion on Chinese social media platforms like Weibo, with users expressing their interest in purchasing more affordable cherries. The peak season for Chile's cherry harvest aligns with high demand during China's New Year and Spring Festival, traditionally making cherries a sought-after gift symbolizing prosperity. However, the ongoing price reductions are making cherries a more accessible option for everyday consumption, reflecting a shift in consumer habits towards more affordable fruit options or domestic alternatives.
As additional shipments are expected in January, and with more domestic cherries from Dalian, Liaoning province, anticipated in the coming months, both retailers and analysts predict a continued decline in cherry prices, making this year's festive shopping season more budget-friendly for Chinese households.
Source: China Daily