China 'turns around', areca nut prices on the decline

The areca capital of Son Tay with more than 1,000 hectares is facing difficulties in output - Photo: TRAN MAI

On October 18, the price of fresh areca nuts in Quang Ngai continued to decrease. Currently, drying kiln owners are cautious in purchasing, and some kilns have temporarily stopped buying.

Areca nut prices plummet

"China no longer imports as much as before. We also limit purchases to check prices. Now we continue to buy dried nuts, but if the price drops further, we will be in trouble," said an areca nut kiln owner in Nghia Hanh district (Quang Ngai).

In Son Tay district - known as the land of thousands of areca nuts with more than 1,000 hectares of areca nuts bearing fruit, people said that two days ago the price of fresh areca nuts was 80,000 VND/kg, now it is only 60,000 VND/kg.

Ms. Nga, an areca nut buyer in Son Tay district, said that not only her but many purchasing points now have to reduce areca nut imports.

"The price has been decreasing these past few days so no one dares to buy," said Ms. Nga.

In the plain districts of Quang Ngai province with large areca growing areas such as Nghia Hanh, Tu Nghia, Mo Duc, Son Tinh... prices are also plummeting.

Three days ago, the price of drying fresh areca nuts was 85,000 - 90,000 VND/kg, now it is 70,000 - 75,000 VND/kg and some kilns are buying and some are stopping.

Ms. Le Thi Van (Nghia Thang commune, Tu Nghia district) said her family has more than 20 areca trees that are ready to be harvested, but the areca pickers who have been "begging" for a long time have not come to pick them.

"I called and asked, the areca picker said to sympathize and wait for the price to stabilize in a few days. He said yesterday he picked more than 300kg of areca, and when he brought it to the kiln to sell, he lost 3,000 VND/kg," said Ms. Van.

There are very few areca nut pickers today, there are only a few purchasing kilns left, the rest have stopped importing fresh areca nuts - Photo: TRAN MAI

Not only prices drop, China likely stops buying

Mr. H., a trader working directly with Chinese partners, explained that the reason China stopped importing areca nuts from Vietnam was because many companies had enough raw materials for production, while some companies did not have enough and still imported, but in small quantities.

"China has stopped importing areca nuts from Vietnam. They are only importing the last batches that they have previously deposited money with areca nut drying kilns in Vietnam. In the coming days, it is highly likely that prices will continue to decrease or China will stop importing," said Mr. H.

According to Mr. H., many Chinese people who come directly to the areca warehouse in Quang Ngai to buy areca nuts also "sit around doing nothing", constantly updating the situation from Chinese companies.

"Areca nuts are completely dependent on the Chinese market, so it's a matter of luck. The worst thing is that when the price is high, they don't buy," Mr. H. informed.

Speaking to Tuoi Tre , Son Tay district leaders confirmed that areca nut prices are falling and are difficult to sell. Fortunately, it is the end of the season, so there are not many areca nuts in the garden.

Source: https://tuoitre.vn/trung-quoc-quay-xe-gia-cau-tren-da-lao-doc-20241018135104587.htm