Apricot Brief Market Update – March 2022

February 2022 saw a total of 5,797 tons of Apricot exported from Turkey, up from January’s figure of 5,337 tons by a total of 460 tons. February 2021 saw 7,357 tons exported, this shows a decrease of 1,560 tons – this shows the vast decrease in ability to supply and demand at present in the Apricot market. Year to date exports total to 57,528 tons, in comparison to the same period last year of 57,392. This shows a small decrease of 136 tons. The current ability to supply material to the market is largely affecting customers in country looking to place spot orders. With new crop bloom approximately a week or two away, many buyers are desperately hoping for a better than anticipated crop. This would result in a lower price as well as having a better ability to supply the market. Exports to Russia this year so far haven’t been enormous. This has been mainly due to price, but also a lack of industrial grade fruit – only around 2,5000 tons to date. The hesitation to supply the Russian Market is not expected to affect the market as such, given that Russia have not been making major purchases for Apricots lately.

In the last week, we have seen the lira drop in value around 3.5%, along with many other currencies around the world weakening in value of course as a result of Russia’s actions in Ukraine. This however is mainly due to the strengthening of the USD, which many investors have used as a safe haven historically in times of conflict.