Brazil’s Mango Prices Rose by 73.91% YoY in Mar-24 Due to Production Decline and High Export Demand

Brazil's mango prices increased by 73.91% YoY on Mar-24, reaching USD 1.07/kg. This upward trend has continued since Jan-24, driven by lower production in Vale do São Francisco, high temperatures during the flowering season, and export pressures.
In Mar-24, mango prices in Brazil surged by 73.91% year-over-year (YoY), reaching USD 1.07 per kilogram (kg) from USD 0.61/kg in Mar-23. Moreover, there was a 5.9% month-over-month (MoM) increase in Mar-24. This upward trend in mango prices has continued since Jan-24, rebounding from a low of USD 0.56/kg in Dec-23. The ongoing increase in mango prices in 2024 can be due to several factors. Firstly, lower production in Vale do São Francisco, Brazil's main mango production area, has contributed significantly. This drop in production resulted from unusually high temperatures during the flowering season in 2023, affecting fruit set and overall yield. Additionally, export pressures have played a role, as high demand from global markets has led to increased domestic competition for mangoes, further driving up local prices in Brazil. Furthermore, the strong demand for Brazilian mangoes in the European market has increased prices. Producers and exporters supply as much volume as they can harvest to meet this demand. A Brazilian exporter noted that while Brazil typically focuses on its domestic market from Jan-24 to Mar-24, they have continued to export mangoes to Europe due to the region's supply shortage. This decision has helped maintain high prices for Brazilian mangoes in the international market.