After only 10 days, the price of areca nuts has plummeted from its peak of 85,000 VND/kg purchased at the garden, to now only 25,000 VND/kg.
On the afternoon of October 25, many lucky areca garden owners who sold their products said: price of areca nut The price for workers to pick in the garden is 25,000 VND/kg. The price has plummeted but many garden owners are still waiting for buyers.
Areca nut prices plummeted too quickly
Mr. Hoang - Nghia Dien commune, Tu Nghia district, Quang Ngai - shook his head and said that in just half a month, the price of areca nuts has dropped dramatically. The areca gardens in the commune, which used to be crowded with areca pickers coming to see the fruits and offer prices, are now deserted.
"I was able to sell a few bunches, but many people in the upper hamlet couldn't sell. How much areca nut drying oven can I buy to sell?", Mr. Hoang said.
In the areca capital of Son Tay district with more than 1,000 hectares of areca trees, there is also a "no" outlet. Areca purchasing points along the road have taken down their signs and closed their gates to stop buying. Mr. Huy (Son Tinh commune, Son Tay district) said: "Half a month ago, several areca purchasing points called to ask if they had areca trees to bring out. Now, I proactively bring them to the place but they say they have stopped buying, so frustrating."
Ms. Nga, the owner of a areca nut purchasing point that is still buying in small quantities, said that the drying kiln she sells to is still being bought, but the requirements are very high, the fruits must be long and big. If the fruit is too small, they will refuse to buy. So she also "forces" the areca nut pickers.
"When the areca nuts are delivered, I have to choose. If the bunch is good, I buy it. If it's bad, I'll pay for it. If I buy it, who will I sell it to?", said Ms. Nga.
Nghia Hanh district has the largest areca area in the provincial plains. Quang Ngai, with more than 700 hectares is also "deeply sad". Areca trees are ready to be harvested but there are no areca pickers. Some farmers are optimistic that the price of 25,000 VND/kg is still very good. The important thing is whether there are buyers or not.
In general, areca nuts in the plain districts of Quang Ngai are difficult to sell. Ms. Be (Tinh Ha commune, Son Tinh district) said that 6 days ago, she sold them for 75,000 VND/kg, this morning she sold 400kg for 25,000 VND/kg.
"In just a few days, I lost 20 million VND compared to the old price. Everything changed so quickly. Even though I knew the price would drop, I didn't expect it to be this fast. But I'm glad I sold it, I'm afraid that if the storm comes in a few days, everything will be ruined," said Ms. Be.
But to sell 400kg of areca nuts, she had to "beg" the areca nut picker. The picker saw that she was single so he helped her. Because the areca nut picker was also "ordered" by the kiln owner to only pick 500kg for today, if more than that, they would not buy. This picker would normally go to each garden and pick a little bit to "keep the relationship".
Chinese traders have withdrawn home.
Mr. L. (Nghia Hanh district) is still purchasing areca nuts for his family's drying kiln. He said that familiar Chinese traders who purchase areca nuts in Quang Ngai such as A Cay, A Ty, A Tru, and Hoa Chuong returned home five days ago.
According to Mr. L., since the price dropped sharply, Chinese traders who did not receive information from companies in the areca candy industry in China have returned home. Some traders in Hanoi who went to Quang Ngai to negotiate directly with Chinese traders to buy areca nuts at the kiln have also "withdrawn".
"My family's kiln still has orders so we will continue to purchase and dry. After this batch, we will continue to collect or stop depending on the situation," said Mr. L., adding that although the price has plummeted, 30,000 VND/kg is still very good, and areca growers are not affected much. The only problem is that the kilns have dozens of tons of dried areca left unsold.
H., trader When buying dried areca nuts, they said that Chinese partners rarely buy anymore. They have high requirements and will only accept fruit that meets standards.
"We don't know what to do when buying. If they set the standard and price like that, we will buy and then in a few days they will raise the standard and we will have to hold the goods, which will be a big loss. They also don't transfer the money in advance, so I still don't dare to buy at a low price," Mr. H. confided.
According to experienced traders in the areca nut industry selling to China, the price of areca nut from now until the end of the season is unlikely to recover, but will continue to plummet.
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