As we cross the halfway point of the year, this is my update From The Fields as I fly to visit our partners. Always, I address the hot button issues and give my best advice for managing them as you look forward.
The price of almost all Chinese herbs are up this year due to a variety of factors. On the low end, prices are up 10-15% and at the other extreme, prices are up 300-400%.
I suggest reaching out to your herbal partners to better understand how this will impact your company going forward. This is especially important if you have contract pricing expiring as previously made commitments have been fulfilled and you haven’t experienced the price increases to date.
The four most important factors in the increase of prices are:
Weather
Labor
Cash flow
and Inflation
There is good news that some of the increases are offset by a stronger dollar and reduction of sea or air freight costs. We won’t discuss inflation because I am sure that you feel it daily and read all about it everywhere, just know that most of the non-herbal inputs have increased in price as well. Listen to the episode to learn more.
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