Apple Price in India Plummets 16%, Averaging $925 per Ton After Two Consecutive Months of Decline

India Apple Import Price in October 2022

In October 2022, the apple price stood at $925 per ton (CIF, India), with a decrease of -16.3% against the previous month. Over the period under review, import price indicated pronounced growth from January 2022 to October 2022: its price increased at an average monthly rate of +2.2% over the last nine months. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on October 2022 figures, apple import price decreased by -17.8% against August 2022 indices. The pace of growth was the most pronounced in April 2022 an increase of 21% month-to-month. The import price peaked at $1,125 per ton in August 2022; however, from September 2022 to October 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In October 2022, the country with the highest price was New Zealand ($1,246 per ton), while the price for the United Arab Emirates ($686 per ton) was amongst the lowest.

From January 2022 to October 2022, the most notable rate of growth in terms of prices was attained by New Zealand (+7.3%), while the prices for the other major suppliers experienced more modest paces of growth.

India Apple Imports

In October 2022, supplies from abroad of apples increased by 148% to 3.6K tons for the first time since May 2022, thus ending a four-month declining trend. Over the period under review, imports, however, recorded a sharp descent. Over the period under review, imports reached the maximum at 64K tons in March 2022; however, from April 2022 to October 2022, imports stood at a somewhat lower figure.

In value terms, apple imports soared to $3.3M (IndexBox estimates) in October 2022. In general, imports, however, showed a dramatic decrease. Imports peaked at 55K tons in May 2022; however, from June 2022 to October 2022, imports failed to regain momentum.

India Apple Imports by Country

In October 2022, New Zealand (840 tons) constituted the largest supplier of apple to India, with a 23% share of total imports. Moreover, apple imports from New Zealand exceeded the figures recorded by the second-largest supplier, South Africa (218 tons), fourfold. Afghanistan (100 tons) ranked third in terms of total imports with a 2.8% share.

From January 2022 to October 2022, the average monthly rate of growth in terms of volume from New Zealand amounted to +15.1%. The remaining supplying countries recorded the following average monthly rates of imports growth: South Africa (+19.8% per month) and Afghanistan (-15.0% per month).

In value terms, New Zealand ($1M) constituted the largest supplier of apple to India, comprising 32% of total imports. The second position in the ranking was taken by South Africa ($208K), with a 6.3% share of total imports. It was followed by Afghanistan, with a 3.1% share.

From January 2022 to October 2022, the average monthly growth rate of value from New Zealand stood at +23.5%. The remaining supplying countries recorded the following average monthly rates of imports growth: South Africa (+17.8% per month) and Afghanistan (-15.0% per month).

Factos Affecting Apple Prices

Apple prices in India have been on the rise in recent years, due to a number of factors. One of the main reasons for this is the increased demand from China. As China's economy continues to grow, its citizens are becoming increasingly affluent and are therefore able to afford to purchase more imported goods, including apples. This increased demand has put upward pressure on apple prices globally, and India is no exception.

In addition, the cost of production has increased, as wages and other input costs have gone up. Moreover, bad weather conditions in apple-producing regions of India have led to a decrease in supply, driving up prices even further. As a result of these factors, apple prices in India are likely to continue to rise in the coming years.

Source: IndexBox Market Intelligence Platform