In the News
Price Mechanism in Action - Kenyan farmers turn to avocados as demand soars
Markets in action - marvel as the invisible hand has prompted farmers in Western Kenya have switched from maize to avocado production, in response to rising levels of demand for the fruit - yes, it's a fruit.
In short, avocados offer a greater return, so it's rational for farmers to shift to their production. This is a super clip to use when introducing the price mechanism to year 12 students.
Background (source: OEC:)
- In 2020, Avocados, fresh or dried were the world's 439th most traded product, with a total trade of $6.69 billion
- In 2020 the top exporters of Avocados, fresh or dried were Mexico ($2.81B), Netherlands ($877M), Peru ($846M), Spain ($450M), and Chile ($299M)
- In 2020 the top importers of Avocados, fresh or dried were United States ($2.35B), Netherlands ($770M), France ($493M), Spain ($356M), and Germany ($332M).