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Article 1 - Durian prices plunge amid supply glut from Malaysia [6 July 2018]

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Article 1 - Durian prices plunge amid supply glut from Malaysia [6 July 2018]

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Durian prices have dropped dramatically due to an oversupply caused by hot weather in Malaysia, vendors in Singapore say.

A mao shan wang durian - also known as musang king or civet cat king - is currently selling at $12 to $15 per kg, down from its usual price of between $28 and $35 per kg, according to seven durian vendors The Straits Times spoke to.

A mao shan wang durian typically weighs 1.5kg.

Other popular varieties such as red prawn, D13 and D24, which usually sell at an average of $15 each, are now going for just over a third of that price. These varieties usually weigh 1.5kg to 2kg each.

Durian vendors attributed the oversupply to the hot weather in Malaysia, which makes durians ripen faster.

Mature durian trees also require a certain amount of rainfall throughout the year in order to produce quality durian fruit, and this season is considered a good one.

Mr Tan See Cheng, 48, owner of Deluxe (SG) Enterprise in Geylang, which sells and supplies durians, said that the oversupply came unexpectedly on Sunday.

"Usually, stocks will pile in slowly. But on Sunday, the durians came in too suddenly. We are selling at a loss right now because we have too many durians. We are even throwing away some because we are unable to sell them," said Mr Tan, a vendor of 20 years.

OVERWHELMED
Usually, stocks will pile in slowly. But on Sunday, the durians came in too suddenly. We are selling at a loss right now because we have too many durians. We are even throwing away some because we are unable to sell them.
MR TAN SEE CHENG, owner of Deluxe (SG) Enterprise, which sells and supplies durians in Singapore.

He is currently selling mao shan wang for $12 per kg, down from $28 last week, and gets them from Johor. "The harvest for durians this season is good. The weather has a good mix of rain and sun, which will cause the durians to ripen and drop faster," he said.

Mr Sky Teo, 34, stall manager of Durian Fullhouse, located near Kovan market and food centre, is also selling mao shan wang at $12 per kg. He said his stall is currently bringing in around 30 55kg cartons of durians every afternoon, but sales may not increase.

"Now, not many people know about the durian season because the supplies came in too suddenly. Most of my customers now are those who pass by and see that they are very cheap," he said.

Mr Alvin Teoh, 33, owner of Durian 36 in Geylang, said most varieties have nearly halved in price.

"The ones that have dropped the most are red prawn and D13. The lowest I have sold is at $2 each. Previously, it was about $5 to $10 each."

Madam Amanda Choong, 56, an art trainer, bought five boxes of D13 durians for $20 at Durian Fullhouse. She said: "These are about half price, as compared with when I last bought durians in March. These durians are sweet and good, it is one of the few times where all the durians in the box are of good quality and taste good."

Last year, Malaysia exported more than 14,000 tonnes of durians, mostly to Singapore, according to United Nations Commodity Trade data. This was down from about 17,700 tonnes in 2016.
* Additional reporting by Jasia Shamdasani

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Durian prices plunge amid supply glut from Malaysia

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Durian prices have dropped dramatically due to an oversupply caused by hot weather in Malaysia, vendors in Singapore say. A mao shan wang durian - also known as musang king or civet cat king - is currently selling at $12 to $15 per kg, down from its usual price of between $28 and $35 per kg, according to seven durian vendors The Straits Times spoke to.

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“Prices have dropped dramatically due to an oversupply caused by hot weather in Malaysia” 

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“Prices have dropped dramatically due to an oversupply caused by hot weather in Malaysia” 

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“[A mao shan wang durian] is currently selling at $12 to $15 per kg, down from its usual price of between $28 and $35 per kg”

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“[A mao shan wang durian] is currently selling at $12 to $15 per kg, down from its usual price of between $28 and $35 per kg”

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This article talks about the factors surrounding the increase in supply in durians and how the surplus have affected the prices for durians. Through this article, we aim to apply the supply and market equilibrium concepts we have learnt.

The hot weather led to a higher quantity of durians supplied as the durians ripened faster. An oversupply means that there is a surplus of durians (quantity supplied exceeds quantity demanded).

When there is a surplus of durians, there is a downward pressure on price as sellers are forced to lower their prices.

Prices dropped to $12 to $15, compared to the usual price of between $28 and $35.

The sellers’ goal in mind is to get buyers to buy more, so that their surplus of durians is minimised and they do not have to throw away as many overripe durians.

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Article 2 - Durian prices expected to dip further [15 Nov 2018]

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Article 2 - Durian prices expected to dip further [15 Nov 2018]

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Prices for mao shan wang durians are falling, as vendors in Singapore see a slump in customer numbers.

The durians - also known as musang king - usually go for more than $20 per kg, but are now being sold for $16 to $20 per kg, according to four vendors The Straits Times spoke to.

One vendor that Chinese daily Lianhe Wanbao spoke to, King Fruits Durian, even slashed prices to $10 a durian on Monday.

Slow customer traffic is a key factor in this price drop. Ms Linda Ang, owner of Combat Durian, said the school holiday period is coming up "and people are going on holidays, so fewer people are buying".

Ah Seng Durian said this is a common occurrence annually because the year-end period is not a time when people normally eat durians. A spokesman said that besides the school holidays, other year-end activities also affect the buying power of customers. For instance, they might be saving up instead for Christmas or new textbooks and uniforms for their children, he said.

"Companies usually spend on dinner and dance events in December so they don't have the budget for durian parties, which they may hold in June or July instead," he added.

Singaporeans might also be waiting for a better deal. "Durians are a luxury, and not a necessity. People have a wait-and-see attitude. They are waiting for prices to drop further before they buy," said the Ah Seng Durian spokesman.

Customers might not have to wait much longer, as some vendors are projecting that prices can fall as low as $12 per kg in the coming weeks.

Mr Goh Hwee Leng, owner of Durian MPire by 717 Trading, expects the low prices to last till Christmas at least, with prices estimated to hover between $12 and $18 per kg. He also said that due to recent heavy rainfall, the quality of the durians has been slightly affected.

Some vendors have also experienced a small surplus in durian supply that has contributed to the lower prices.

Mr Alvin Teoh, owner of Durian36, said: "Our suppliers have had a good durian harvest recently. Prices are expected to fall to around $14 or $15 (per kg) because of the oversupply."

Durian lover Hendra Susanto, 45, a trader of natural resources, has already spent $400 on durians from Combat Durian in the past four days when prices ranged from $18 to $22 per kg, noting that the prices are "very good". He plans to buy more next month when prices are likely to fall further.

Currently, only mao shan wang durians are in season. Other varieties like D13 or red prawn will be available only in the later part of December and may also be priced lower, said vendors.

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Prices for mao shan wang durians are falling, as vendors in Singapore see a slump in customer numbers. The durians - also known as musang king - usually go for more than $20 per kg, but are now being sold for $16 to $20 per kg, according to four vendors The Straits Times spoke to.

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"Slow customer traffic is a key factor in this price drop."

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"Slow customer traffic is a key factor in this price drop."

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"Ms Linda Ang, owner of Combat Durian, said the school holiday period is coming up "and people are going on holidays, so fewer people are buying"."
"A spokesman said that besides the school holidays, other year-end activities also affect the buying power of customers. For instance, they might be saving up instead for Christmas or new textbooks and uniforms for their children, he said."

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Change in Non-Price Determinants of Demand: Number of Buyers

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Change in Non-Price Determinants of Demand: Number of Buyers

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Some people have already planned to spend their money for other uses such as going on a holiday or buying new textbooks and uniforms to prepare for the upcoming year.

Not expecting the sudden durian glut, they did not make it a point to set aside money to buy durians.

As such, there is a decrease in the demand for durians.

This change causes the demand curve to shift to the left.

The equilibrium point shifts from E1 to E2.

The quantity of durians demanded decreases and the price of the durians also decreases.

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Change in Non-Price Determinants of Demand: Expectations of Buyers

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Change in Non-Price Determinants of Demand: Expectations of Buyers

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Buyers expect prices of durians to drop.

As such, they hold off buying durians, causing a decrease in the number of buyers and therefore a decrease in demand.

The demand curve shifts to the left.

The equilibrium point shifts from E1 to E2.

The quantity of durians demanded decreases and the price of the durians also decreases.

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Change in Non-Price Determinants of Demand - Graph

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Change in Non-Price Determinants of Demand - Graph

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The change in both non-price determinants of demand can represented by the same graph.

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"Durians are a luxury, and not a necessity."

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"Durians are a luxury, and not a necessity."

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"Durian lover Hendra Susanto, 45, a trader of natural resources, has already spent $400 on durians from Combat Durian in the past four days when prices ranged from $18 to $22 per kg, noting that the prices are "very good"."

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"Durian lover Hendra Susanto, 45, a trader of natural resources, has already spent $400 on durians from Combat Durian in the past four days when prices ranged from $18 to $22 per kg, noting that the prices are "very good"."

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Article 3 - Durians on sale for RM1 each in Malaysia as glut continues [22 July 2018]

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Article 3 - Durians on sale for RM1 each in Malaysia as glut continues [22 July 2018]

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KUALA LUMPUR * Durian sellers in Malaysia are slashing prices for the king of fruits to as low as RM1 (34 Singapore cents) each amid a supply glut in the country.

With the harvesting season moving past its peak, durian sellers are turning to low prices to encourage buyers to snap them up before the fruits go bad.

A photo of a basket of durians going for just RM1 each made the rounds on Facebook last Friday.

The stall in Sungai Kob near the district of Kulim in the northern state of Kedah was reportedly offering its small kampung durians on the cheap while fresher durians were being sold at between RM3 and RM8 each.

"This is not the first time we are selling cheap durians, but this year's durians are cheaper so we can sell them at RM1 each. And although the RM1 durian sale starts only at 3pm, people begin queueing from morning," said seller Aizawati Abdul Latib, 34.

Northern Malaysia is seeing its longest durian season in recent memory. The oversupply has been attributed to the hot weather, which makes durians ripen faster.

HEAVY DEMAND
This is not the first time we are selling cheap durians, but this year's durians are cheaper so we can sell them at RM1 each. And although the RM1 durian sale starts only at 3pm, people begin queueing from morning.
SELLER AIZAWATI ABDUL LATIB, on the RM1 durian sale.

Makeshift durian stalls began mushrooming in late February amid expectations the season was expected to end in May. But another round of durians began falling in late June, removing any perceptible break in the season.

In March, sellers slashed the price of the Musang King variety from RM125 per kg last year to between RM50 and RM65 per kg. The Black Thorn Grade A durians were sold at RM75 per kg, compared with RM100 last year. Some "vintage" varieties, however, saw only a minor drop in prices.

Over in Penang, a durian seller at Chai Leng Park in the town of Butterworth was spotted selling the Musang King at RM28 per kg, The Star reported yesterday. The stall owner said the durians were going for a low price as it was now receiving its stock twice a day and was desperate to sell them quickly.

THE STAR/ ASIA NEWS NETWORK, BERNAMA

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Durians on sale for RM1 each in Malaysia as glut continues

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KUALA LUMPUR * Durian sellers in Malaysia are slashing prices for the king of fruits to as low as RM1 (34 Singapore cents) each amid a supply glut in the country. With the harvesting season moving past its peak, durian sellers are turning to low prices to encourage buyers to snap them up before the fruits go bad.

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"People have a wait-and-see attitude. They are waiting for prices to drop further before they buy."

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"People have a wait-and-see attitude. They are waiting for prices to drop further before they buy."

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Monopolistic competition is defined as a market where there are many sellers for a product selling products that are closely similar and are substitutes of each other.

In this market structure, there are many sellers and buyers, it is relatively easy to enter, and a good amount of information is available.

However, due to the ease of entry and availability of information,firms face a lot of competition and have limited power to set prices.

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Determinants of Price Elasticity - Necessity VS. Luxury

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Determinants of Price Elasticity - Necessity VS. Luxury

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The demand for necessities are usually price inelastic while the demand for luxuries are usually price elastic.

From the previous quote, we can see that buyers wait from a drop in price before buying their durians.

When the prices did drop, one customer spent as much as $400 on durians.

This in itself shows that the buyers are very responsive to the change in the price of goods, and therefore, the demand for durians is price elastic.

A change in the price of durians will cause a bigger change in the quantity of durians demanded.

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"In March, sellers slashed the price of the Musang King variety from RM125 per kg last year to between RM50 and RM65 per kg. The Black Thorn Grade A durians were sold at RM75 per kg, compared with RM100 last year. Some "vintage" varieties, however, saw only a minor drop in prices."

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"In March, sellers slashed the price of the Musang King variety from RM125 per kg last year to between RM50 and RM65 per kg. The Black Thorn Grade A durians were sold at RM75 per kg, compared with RM100 last year. Some "vintage" varieties, however, saw only a minor drop in prices."

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(Similar products and close substitutes with a range of prices)

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We can see that the durian market is a monopolistic structure due to the variety of similar but differentiated products.

There are different price points for different types of durians, with the lowest quality durian of the Musang King variety costing only RM50 to RM65 per kg, all the way to The Black Thorn Grade A at RM75 and vintage varieties at around RM100 per kg.

This shows that there are differences in quality within the durian market, causing varying price points, a unique characteristic of the monopolistic structure.

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"Makeshift durian stalls began mushrooming in late February amid expectations the season was expected to end in May"

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"Makeshift durian stalls began mushrooming in late February amid expectations the season was expected to end in May"

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(Ease of Entry: Easy)

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Apart from physical and product image differences, which show the monopolistic competition characteristics, we can also observe that the durian market is relatively easy to enter into.

There are very little barriers to entry. Makeshift stores can be easily established.

We can also observe from the article that sellers have limited individual power in setting prices as in the article we can see that sellers have collectively come to slash prices of durians, which was previously above RM100, to within RM100, which further proves that there is monopolistic competition within the durian market.

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The durian market is closely related to agriculture produce market, thus making almost making it a perfect competition. However, it is not in perfect competition, based on evidence from the three articles.

The difference in prices and products set it apart from perfect competition. The ease of entry, relatively good amount of information available for sellers and buyers, limited power of individual sellers, and physical and product image differences shows that the durian market represents a good example of a monopolistic competition.