* Exports in November were 10,396 tons, compared to 11,567 tons last year, a decrease of 10 %
* Exports year to date are 39,971 tons compared to 41,731 tons last year, a decrease of 4 %
* Average export price for whole apricots for October was $2774 ton FOB compared to $2924 average for 2017 crop.
Export figures were slightly below expectations, possibly because some contracts are being delayed by packers who calculated prices based on much more favourable exchange rates and/or who are unable to secure financing to service contracts. Prices bounced $80 per ton this month compared to last month but are still lower than last year, and crop size and characteristics are the same as last year.
The lira continues to stabilize against the $ at 5.30 to 5.40 to the greenback. The credit squeeze shows no sign of easing despite this, and many packers have been unable to access credit needed to finance purchases since very early in the season. Receipt of funds for first shipments over the coming weeks may provide more liquidity, however until then the local market remains quiet.
We believe packers are in the main short at lower levels, and with an inability to find finance, those without fat on their balance sheets will struggle.
There is very little activity on the local market on both the supply and demand side and as such prices remain stable in Lira terms. The substantial differential between large and small sizes persists, though we expect it to shrink over time.
We will be happy to quote against any specific demand.