Prices rise as crackdown on smuggled chinese honey continues
2010 Import data confirms our Feb. speculation. Imports from Indonesia, Malaysia, Thailand and Taiwan were virtually zero for the months of Nov/Dec. In the previous 10 months they had collectively averaged 6 million lbs per month. Massive crop failure?
Perhaps. But, it is more likely that Customs has come to realize, and acted upon the fact that these countries are not capable of such high levels of production and were likely channels for smuggling of product from China to avoid duties.
The market will be reacting to this situation for some time. Prices are up, no surprise, with white honey being the most effected at this time as the above countries were allegedly “producing” a lot of white honey for the market. Now the value of the Canadian dollar has risen above par and raises the cost of white honey from Canada, one of the industries largest suppliers.