Dried Dates, Market Update

Date: 3rd May 2023 Category: Latest News
Dried Dates, Market Update

According to recent market data, Iran's stocks are already diminishing, and there are currently no sellers in the market. Additionally, problems with non-delivered contracts have been reported. It is expected that the new crop will be available in October, and there is a possibility of a lack of stock for Sayers.

In terms of Pakistan Aseel Dates, there have been issues with quality due to the monsoon rains at the beginning of the harvesting period. As a result, some contracts have been cancelled because of the smell on the fruits. Although the tests for yeast and molds are okay, the smell is still present in large quantities. Due to higher prices many buyers are hesitant to purchase.  The new crop will be available for shipment in August or September.

 

Rise in exports

Mundus Agri: Iran exported 159,781 mt of dates worth USD 146 million in January-March 2023 as official customs statistics show. This is not only 18% up in terms of volume but also 22% up in terms of value on the 135,590 mt of dates worth USD 119.745 million shipped overseas in the same period in 2022.

Issue is that the early start of Ramadan in March boosted demand for high-quality dates, especially in Turkey, where average export prices range particularly high. Pakistan is, however, the most important export destination for Iran and cheap varieties are preferred here. As global and domestic demand were high prices climbed until mid-April with premium Mazafati dates. They are now expected to drop again as Ramadan has come to an end and attention will slowly start shifting towards the new crop.

 

Recession hits EU imports

Tunisia is the most important supplier for the EU by far as the recently issued import data for 2022 shows. Contrary to the general trend, the country succeeded in stepping up shipments to the bloc. Algeria is next in line, followed by Israel and Iran. Last year, however, marked a turning point for EU imports. Issue is that shipments to the EU continuously rose until they reached 139,165 mt in 2021, whereas 2022 marked the very first downturn in recent years. The import value declined by a more nominal 5.4% from EUR 305.630 million in 2021 to EUR 289.217 million in 2022.

This ties in with the general observation that the economic recession has forced many companies and consumers to tighten their belts. In the long run, however, the European market should grow as consumers are turning to healthy snacks and sugar replacements. The large number of immigrants arriving in the EU should also drive up demand for dates.

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