Iranian Raisin’s Firm Demand Causes Massive YoY Price Increases
Iranian raisins price skyrocketed by +120% YoY to USD 1.57/kg in W2 May-22. The increased price because of the winter frost last year, high production cost, and robust demand from the importing market.
Iranian Raisins Price Jumped by 120% YoY
Wholesale price of raisins in Iran dramatically increased to USD 1.55/kg in W2 Nov-21, a +87% YoY huge increase. The price remained high in W2 May-22 to USD 1.57/kg, representing a +120% YoY increase compared to USD 0.71/kg in the same period in the previous year.
The huge spike in prices last November 2021 was an effect of the damage caused to grape crops in Iran devastated by winter frost. In 2022, the price resumed its high value, owing to high production costs and strong demand in the global market.
Iran was the 5th largest exporter of raisins with a total value of USD 90.47 million, and Canada was among the top importers from Iran with USD 2.67 million import value in 2020. Iran’s raisin exports to Canada increased by 27% YoY to USD 3.4 million in 2021. The firm demand led Iranian raisin exports to Canada to rise from 280,257 kg worth USD 489 thousand to 301,496 kg amounting to USD 567 thousand in Q1-2022, registering a +16% YoY gain in export value and a +7.5% YoY increase in volume.