Vegetable prices could rise further as Chinese Spring Festival approaches
The Chinese Spring Festival [February 5th, 2019] is nearing and the price of vegetables is on the ri…The Chinese Spring Festival [February 5th, 2019] is nearing and the price of vegetables is on the rise, although traditional winter vegetables are not as popular as off-season vegetables. Data shows that the Chinese vegetable industry continues to steadily develop. The overall surface area devoted to vegetable production exceeds 20 million hectares with an annual production volume of more than 700 million tons. The annual sales volume accounts for 50% of the global sales volume of vegetables. Changing consumption patterns cause a continuously growing demand for vegetables.
Analyst He Tan explains that the price of domestic winter vegetables is relatively low in comparison with other vegetables. The average price of vegetables, however, is higher than last year, despite fluctuations.
He Tan estimates that there is still room for the price of vegetables to increase before Spring Festival arrives. He explains that markets prepare their products in bulk for the week prior to Spring Festival when demand is strongest. The price of vegetables generally shows a seasonal increase during this peak sales period. The price of vegetables, and off-season vegetables in particular, is expected to exceed the price of last year.