In recent days, the Chilean cherry market in China has experienced a significant turnaround after reports of falling prices due to an oversupply of fruit. This shift has been attributed, in part, to the unexpected engine failure of the Maersk Saltoro vessel, which delayed the arrival of 1,100 containers of cherries, primarily the Regina variety. This delay has resulted in a reduction in available fruit stock levels, leading to an increase in prices and a revitalization of the market.
Iván Marambio, the president of Frutas de Chile, confirmed the reactivation of Chilean cherries in the Chinese market through a video update on social media. He reported being on the ground in China, witnessing the movement of Chilean fruit and the rebound in prices. Marambio noted that the market has picked up significantly, with 800 containers being opened daily. Despite the temporary price fluctuations, he emphasized the resilience of the fruit industry and the importance of continued efforts to sustain its success.
Julio Ruiz-Tagle, the Asia & Americas Manager at D-Quality Survey, also witnessed the market’s recovery and the rise in cherry prices following the vessel’s engine failure. He highlighted the impact of the delayed containers on reducing fruit stock levels, leading to improved prices and increased sales to clear out older stock. Ruiz-Tagle noted that prices and demand are now stabilizing, with a noticeable price increase observed between the first and last openings of the day.
As of January 15, prices for a box of 2-in-1 or 2 JD cherries, including varieties like Lapins, Santina, Regina, and Skeena, ranged between 230 and 260 yuan. Ruiz-Tagle predicted that prices could reach 280 yuan by the end of the week, reflecting the market’s gradual recovery. He also provided a detailed analysis of the price fluctuations, noting that the drop occurred between January 1 and January 11, marking a rare occurrence in the market over the past 13 years.
Ruiz-Tagle highlighted the activation of markets across China, including cities like Gaobeidian, Zhengzhou, Dalian, Wuhan, and Changsha, where multiple shipments of fruit have arrived directly. The expansion of ports receiving Chilean cherries, such as Tianjin, Dalian, Nansha, Hong Kong, and Shanghai, indicates a diversification of market channels and a positive step towards reducing dependency on a single market.
Overall, the recent developments in the Chilean cherry market in China demonstrate the resilience and adaptability of the fruit industry in responding to challenges like oversupply and transportation delays. The rebound in prices, coupled with stable demand and market activations, signal a positive outlook for the industry’s future growth and expansion into new markets. By leveraging these experiences and lessons learned, stakeholders can continue to strengthen the Chilean cherry trade and ensure its sustainable success in the global market.