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ECON6000 Economic Principles And Decision Making 3

tag 0 Download 2 Pages / 380 Words tag 08-09-2020

Question:

Read the below article to prepare a presentation.

You are required to:

(a) Identify the economic concepts and

Explain and illustrate with graphs the identified economic principles.

Article:

Cost of avocadoes in Australia unlikely to rise amid global price hike 3 May 2017

Australian consumers can be 'confident there are no shortages of avocados' and prices will remain around the $3 mark in the coming year, according to industry group Avocados Australia. Avocados Australia CEO John Tyas has reassured Australian consumers there is no shortage of the fruit.

"Looking at the data that I've got in front of me, there's going to be no shortage of avocados in Australia right through the year until next year," he told SBS News. His reassurance comes amid an avocado shortage in California (because of drought), Mexico (due to a growers' strike) and Peru (due to flooding), as well as increased demand in countries such as the US and China.

US per capita consumption increased from 1.6kg in 2006 to 3.1kg in 2015.

Since 2013, China's demand for avocados from Latin America has grown by 250 per cent per year.

The dark colour and bumpy-skin Hass avocados were retailing for AU $1.70 each in April 2017, up from $1.30 last year, according to US government data published by Bloomberg. However, Australia will be relatively unscathed by the reduced harvest and increased demand overseas, Mr Tyas said.

"I don’t think Australia is going to be significantly impacted," he said.

Prices are forecast to sit around $2.80 to $3.00 for the next year, because it does not depend on avocado imports from the affected regions, he said.

Australians ate an average of 3.2 kg each in 2015-16.

New Zealand exports about 80 per cent of its harvest to Australia – in 2016 it delivered 4 million trays or 20,000 tonnes. Queensland and Western Australia are also providing ample produce. In the year 2015-16, Australia produced nearly 67,000 tonnes of avocados.

Australia can produce avocados all year round because of its diverse range of growing climates - the Shepard variety from February to April, and the Hass variety from April to February.

He added Asian countries relying on avocado imports from the Americas may experience a shortage, which might increase demand for Australia's produce.

Australia only exports 5 per cent of its produce, and most goes to Asia - Singapore, Malaysia, Hong Kong and Indonesia, with small amounts to Kuwait and the United Arab Emirates.

"I wouldn't imagine we would be exporting a lot more fruit that would create a shortage in Australia," Mr Tyas said. "In terms of fresh avocados, what's happening in those countries shouldn't have a big impact."

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