Pakistani Onions Witnessed a 124.28% YoY and 22.5% MoM Increases in Jan-24 Amidst Indian Export Ban

Onions in Pakistan have seen a 124.28% YoY and 22.5% MoM increase in Jan-24, indicating inflation. This is attributed to Pakistani exporters capitalizing on the Indian ban on onion exports, resulting in increased prices and financial burdens.
In Jan-24, the wholesale prices of fresh grapes in Spain recorded a substantial year-over-year (YoY) increase of 21.27%, rising to USD 3.31 per kilogram from USD 2.73/kg in Jan-23. Despite a marginal month-on-month (MoM) decrease of 2.47% compared to Dec-23, when prices stood at USD 3.23/kg, the current price remains above the levels observed in 2022. Notably, the price exhibited fluctuations but demonstrated a consistent upward trend from Oct-23 to Jan-24. Spanish table grape prices increased due to a combination of factors, including diminished local production and challenges faced by seedless grapes from Peru. The domestic seedless grape season ended prematurely due to heat-induced losses, adversely affecting the quality and quantity of grapes available for storage. The high demand during the New Year's Eve campaign further exacerbated the supply shortage, resulting in a noticeable increase in prices. Additionally, broader industry dynamics in Spain have been influenced by the Raventós Codorníu group's revision of contracts in response to drought conditions in Catalan vineyards, leading to a spike in grape prices. This increase is driven by factors such as inflation, shortages in agricultural production, and the additional costs associated with organic grapes. In Oct-23, Spain's grape exports reached USD 58.8 million, while imports reached USD 17 million, resulting in a favorable trade balance of USD 41.7 million. Grape exports decreased by YoY 31.8%, with reduced shipments to the Netherlands, Poland, and Romania. Germany led in exports with USD 19.4 million, followed by the United Kingdom, Portugal, the Netherlands, and France.