Market Update: Dried Figs
Turkey/Iran: The coming months are crucial for developing Turkish dried fig production, and growers are striving to create the best possible conditions. Meanwhile, Iranian dried fig exports have decreased, while at the same time, the lack of supply has caused prices to rise significantly.
Important development phase
Turkish fig farmers are now using additional artificial irrigation to provide the trees with sufficient moisture despite the occasional rainfall last week. Due to the rising temperatures, extra water is necessary for the excellent development of the fruits, and the coming months are crucial for the outcome of the crop. Furthermore, the farmers continue to supply the plantations with fertilizers and pesticides to achieve high yields of good quality. In Turkey, the fig season starts in July, while the export season for dried figs always starts around the first week of October.
Larger companies that still have stocks can afford to offer them at lower prices.
Weekly exports lag.
The Eid festival curbed export activity last week. About 450 mt of dried figs and dried fig products were shipped overseas the previous week, compared to 1,131 mt in the same week the previous year. Since the beginning of this season, the export volume amounts to 52,450 mt, which is a decrease of 2,637 mt compared to the same period the previous year.
Low supply causes prices to rise in Iran.
According to Iran's statistics service, the country exported just 750 mt of dried figs worth USD 2.268 million in March 2022, the first month of the new calendar year. Due to the end-of-year celebrations as well as lower availability this season, March exports were down by 32% compared to the previous month (February 2022: 1,104 mt worth USD 3.309 million) and compared to the same month last year, the deficit is even around 50% (March 2021: 1,501 mt worth USD 4.562 million).
The fact that Iranian dried fig production was significantly lower last summer due to the heat is particularly noticeable in export prices now that stocks are coming to an end. These have risen by 4-6% in the past two weeks. (Mundus-Agri)