The Wuhan virus outbreak has been nothing but bad news for society: from people profiteering via surgical masks to people hoarding daily essentials unnecessarily.
And just as we await more baddy news from the nasty bug, this headline appears:
Prices of Durian Down by More than 50% Due to Wuhan Virus Outbreak
Oh, wait. Simi sai?
Cue the WTF cat in now.
How does the Wuhan virus outbreak affect durian prices? Are durians infected with the virus as well?
Well, no. The reason is simpler than you thought.
It’s all due to supply and demand.
You probably know by now that many China cities are on lockdown. And here’s the thing: in the last few years, the prices of durians increase primarily due to China’s demand.
Back in 2011, frozen durian pulps with its husk removed were being exported to China.
And about three years ago, people from China started to develop an interest to the king of fruits, and they’re willing to pay any price to try out the exotic fruit.
But the floodgates opened last year in May, when China officially allowed the import of whole durians to the country, though they’ve to be frozen.
With more demand and a steady stream of supply, this could only mean one thing: prices of durian have been high.
But now, with the lockdown, the durians have no place to go, and here’s what your econs prof will say: “Get ready for a price drop.”
And drop it comes.
Musang King Price Dropped by 50%
Durian farmers in Malaysia have admitted that due to fewer number of orders, they’re now selling the durians at a lower price as durians don’t have long shelf life.
And according to a durian expert, the Musang King has dropped from RM60 per kg to RM30 per kg.
Your econs prof will come in again and tell you that it’s a 50% drop.
While the lower prices might not have reached Singapore yet, we’re 2,000% sure that soon, we’d see the same reduction right here in Singapore.
After all, a durian farmer has admitted that he’s looking to export his excess durians to Singapore.
So if you’ve not spent unnecessary money on daily essentials that’ll expire before you can fully consume them, then use those money to buy some durians at a cheap price.
You’re eating the fruits of the effects of the Wuhan virus. Pun totally intended.
