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Market Reports

Turkish Apricot Update – 11/10/2018

  • Exports in September were 10,931 tons, compared to 9,792 tons last year, an increase of 11.6%
  • Exports year to date are 18,478 tons compared to 18,339 tons last year.
  • Average export price for whole apricots year to date is $2788/ton FOB compared to the average for the whole of last season of $ 2924/ton

Export figures were in line with expectations, strong numbers helped by low prices following the weakening of the Lira. We expect similarly strong numbers in October and November, typically the strongest moths of the season.

With a crop of similar size and quality as last year, we will need to see prices rise as they did last year during the autumn and winter to cool demand, otherwise fruit will sell out.

Due to the extremely wet spring and early summer, we have seen a lot of yeast problems, and we have been rejecting a lot of incoming raw material. Buyers need to be very carful this year as this is an invisible problem that can become very expensive down the road.

Organic fruit has already become very tight, and prices have risen. Over all organic production this year seems down on last year.

The Lira regained some of its losses over the past month, strengthening from 6.65 to the $ at the beginning of September to 5.97 today, an increase of 10%. This increase has directly affected the sale price in $, while better quality and larger sized apricots in particular have also increased in price in Lira terms.

Currently size 4 sulphured apricots are quoted around $2750 FOB with a significant premium for larger fruit.

The economic situation in Turkey is still poor, inflation reached 25% last month, the government has reacted with higher interest rates, and though the currency for now seems to have stabilized, the banks have to a great extent stopped lending, and this will likely expose weaker companies to liquidity pressures.

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