In the lead-up to the Lunar New Year, or Tet, families in Vietnam traditionally purchase kumquat trees as symbols of good fortune. However, this year, the harvest faced setbacks from Typhoon Yagi and extreme heat, causing price volatility. Many consumers opted for smaller or less expensive plants leading to unsold inventory among farmers. Wholesale prices for kumquats initially increased due to low supply but later plummeted due to weak demand. The significance of the New Year celebration exacerbates the impact of these supply chain challenges on sellers and buyers alike.
Families are buying them as symbols of luck and good fortune for the new Lunar New Year, which started on Wednesday. This year a typhoon and extreme heat dented the harvest, scrambling prices for kumquats and other ornamental plants associated with the holiday, which is known as Tet in Vietnam.
Unsold kumquat trees stood beside her, each selling for about 600,000 Vietnamese dong, or $24. That is at least 40 percent less than in a typical year.
It would be hard to overstate how important the Lunar New Year is to Vietnamese people - imagine Christmas and Thanksgiving combined - or how ubiquitous kumquat trees are across Vietnam and parts of neighboring China as the holiday approaches.
In September, Typhoon Yagi flooded farmland and damaged crops across northern Vietnam during a critical growing period for kumquats and other ornamental staples of Lunar New Year.
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