Honey Prices in Hungary Decreased by 6% MoM on Higher International Supply

The price of honey in Hungary has decreased by 6% MoM to USD 11.30/kg in W2 Aug-23. The higher supply of honey from the international market into the Hungarian market has led the price to decrease.
During the week starting August 7, 2023, dried anchovy (medium quality) prices in Seoul, South Korea, rose by 2% week-over-week (WoW) , 7% month-over-month (MoM), and 26% year-over-year (YoY) to KRW 13,067/kg, their highest level in 22-weeks. Prices have been consistently increasing in YoY terms since July of last year, owing to a decline in supply. Korean total fisheries production declined by 6% YoY in 2022, driven in part by lower anchovies production. However, this recent MoM increase was the highest since late 2022, and it was abnormal according to this products seasonality. It was driven by expectations of abnormal weather, as a typhoon neared Korean coasts this week, further disrupting supply. Demand is typically at its highest in late-autumn through early winter (November through January), where imported volume coupled with prices reach their highest levels of the year. Moving forward, prices could see further increases in the upcoming week -depending on the typhoon damage on supply- but no substantial increase in demand is expected until autumn.