Significant drop in 2014 produce exports caused by weakened ruble

Exports of fresh agricultural products fell from $1.5 billion in 2013 to $1.37b. in 2014.

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June 22, 2015 17:23
1 minute read.
Mahaneh Yehuda market

A vegetable vendor restocks his supply in Jerusalem’s Mahaneh Yehuda market.. (photo credit: MARC ISRAEL SELLEM/THE JERUSALEM POST)

 
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Despite a 0.8 percent decline in the price of fresh farm products in Israel in 2014, exports in the sector decreased 8% during the year largely due to a weak ruble, the Agriculture Ministry reported on Monday.

Exports of fresh agricultural products fell to $1.37 billion in 2014 from $1.5b.

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in 2013, as the collapse of the ruble outweighed a drop that the Agriculture Ministry attributes to the weakening of the ruble some improvement in exchange rates of the euro and dollar occurred from July to December, the ministry said.

The 44% tumble in the ruble since September 2014 resulting from geopolitical issues is continuing to impact exporters this year, the ministry added.

In Israel, declines in fresh agricultural product prices were seen across the sector last year, with fruits and vegetables falling about 0.3% from 2013, and fresh poultry, meat and fish collectively dropping about 0.9%, according to ministry data. On average, fresh dairy product prices decreased about 2.5% – a decline that was particularly influenced by government price controls across the sector.

Nonetheless, overall costs to consumers rose about 0.5%, the ministry said.

The retail margin – based on the difference between the price the consumer is required to pay and the wholesale price paid for the products – was about 45%, similar to that of 2013, the ministry said.

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