The Dutch had Tulip mania in the 17th century, but the Chinese are grappling with a bubble in a bulb of a more pungent sort: garlic.
Prices have almost doubled in the past year to a record as poor weather and a surge of interest from speculative buyers has turbocharged the market. Given China accounts for more than 80 per cent of the world’s garlic exports, importers are struggling.
“I’ve just come back from China and you can’t buy [any garlic] now,” said Joey Dean of Denimpex, a fruit and vegetable trader in Amsterdam, “Big speculators with big amounts of money have bought quite a lot of volume.”
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