Figs Market update
Year to date exports are 34,860 tons, compared to 35,207 tons last year, an decrease of barely 1%.
Average prices year to date are $4507/ton FOB compared to $3783 last year, an increase of 19%.
Price related decrease in demand in traditional large markets, Germany (-16%), France (-9%), Italy (-23%) and the UK (-13%) were offset by growth in the newer markets notably the USA (+33%) and Asia, mainly destined for China (+26%). The switch in recent years from seasonal to year round consumption, combined with the smaller crop this year and rise in demand from the USA and China should keep the market firm. We believe Turkey is close to 100% committed for the 2017 crop, and that buyers who are not covered by the end of February are unlikely to find availability until new crop in October.