Our neighbour country Singapore is facing an oversupply of eggs.
When the circuit breaker and border restrictions were imposed in Singapore in April due to the Covid-19 pandemic, egg prices increased, with questions surfacing on whether there were enough food supplies for the country.
To solve that, Singapore sourced eggs from other countries, to the extent where countries far away like South Korea and Poland also contributed to the imports.
Now that import restrictions are lifted, and countries like Malaysia and Thailand have resumed their supplies, the supply of eggs have surged. This has also resulted in a plunge in egg prices.
According to Mothership.sg, the lack of Hari Raya celebrations resulted in a drop in demand for eggs. There is also a decreased demand for eggs from hotels, restaurants, and hawkers.
Not only that, eggs imported in May are being at a loss, and 250,000 eggs imported from Thailand were thrown away unwillingly, according to the report.
On the bright side for the customers, egg supplies in Singapore now have more variety and are fresher compared to those before. Not to mention that they are also much cheaper, which is apparently rare as fresh products like eggs seldom have turbulent prices.
We wonder if this has anything to do with all that panic buying? What do you think? Let us know in the comments below.
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