Orange juice crisis hits consumers in Japan

From the article:

In addition to the supply shortages, the yen's depreciation is also blamed for the recent surge in orange juice prices in Japan, which relies almost entirely on imported orange juice.

The average import price of frozen concentrated orange juice shot up from ¥293 per liter in 2021 to ¥550 in 2023 and ¥706 in January-March 2024, according to estimates based on the Finance Ministry's trade statistics.

The upward momentum in orange juice prices shows no signs of abating. On the U.S. Intercontinental Exchange, the key frozen concentrated orange juice futures contract hit an all-time high in May.

The current orange juice crisis is due mainly to drought, torrential rain and a tree disease in Brazil, a major orange producer, as well as extensive hurricane damage in the United States.