Orange Juice Will Be More Expensive This Year

Due to a poor orange harvest in Brazil and Florida the prices of this fruit on the global markets may grow three-fold, reports The Voice of Russia.

The orange industry in Brazil, the world's biggest exporter, last winter was hit hardest in the last 7 years frosts and damage of the trees. The Brazilian exporters have already raised prices by 50% to 60%.

Situation with the supply of orange juice to the world markets may also aggravate due to the threat of a poor harvest in Florida caused by hurricanes that damaged orange plantations. It's a very serious threat, says the US Agriculture Secretary. The citrus harvest this year will be the worst in 10 years.

All this lead to the growth of frozen juice concentrate futures at the world's exchanges by 95%! And the hardest hit will be the US, the biggest consumer of fresh orange juice.