Profits pop for Chile's cherries
Chile's national fruit union Fedefruta has announced cherry export net returns fell 25% for all varieties during the 2010-11 season.
The profitability squeeze came amid a 72.53% rise in volumes to 11,555,148 cartons, with prices falling from from US$4.22 to US$3.37 per kilogram.
"An important part of this growth is explained by the evolution this species has had in its main markets - in the Far East, exports showed a growth of 87.04% reaching 5,431,651 cartons," Fedefruta said in a release.
Cherry exports to the U.S. grew 88.83% to 2,899,010 cartons while shipments to Europe rose 23% to 1,354,007 cartons.
Fedefruta reported 65.94% of the cherries were of the Bing variety, while the lowest price reached during the season was US$2.61 per kilogram.