S’pore So Kiasu, We Imported Too Many Eggs & 250k of Them Have to be Thrown Away Due to Oversupply

Previously, when Malaysia closed its borders and imposed a lockdown, Singaporeans went on a buying spree.

They were afraid that food supply from overseas, like eggs, would stop.

Back then, the authorities came out to assure Singaporeans that they’ll never let food supplies dry up.

Other than having a few months’ worth of stockpile, they are also hard at work diversifying supply lines so that having a portion of it disrupted wouldn’t be a huge issue.

Did it work?

Was it successful?

Well, the fact that over the past two months, supermarket shelves are still stocked seems to be a positive sign.

But if that’s not enough for you, here’s another sign:

S’pore So Kiasu, We Imported Too Many Eggs & 25k of Them Have to be Thrown Away Due to Oversupply

In April, the prices of eggs rose, mainly because of border restrictions due to Covid-19.

Fortunately (for consumers), it’s a momentary rise and the prices of eggs are now falling.

But it’s not because Covid-19 is getting better; it’s because there’s now an oversupply of eggs in Singapore.

According to Lianhe Zaobao, suppliers in Singapore now has too many eggs on their hands.

Add in the fact that restrictions in Malaysia, Thailand and other countries are lifted and you’ll totally get why there’s a sudden spike in supplies.

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Selling At A Loss

Basic economics theory: the higher the supply, the lower the price, and it holds true for eggs.

Several suppliers report a falling demand for eggs as well.

Egg distributor Kai Young Huat (KYH) said sales have dropped by 10% because of lesser demand from hotels, restaurants and hawkers.

And because Hari Raya happened during the pseudo-lockdown, where celebratory gatherings are not possible, the demand for eggs dropped even more.

They are currently selling eggs imported in May 2020 at a loss.

And it’s not just them.

Kim Hock Egg Distributor also said that sales for their eggs have fallen by around 50% over the past few months.

Hawkers, who used to use around 300 eggs a day, now uses around 60 due to lesser customers.

The company had to throw away 250,000 eggs that were imported from Thailand 2 weeks ago.

Now, you’re thinking: if they know that there’s an oversupply, can’t they just agak the new numbers?

Turns out, things aren’t that simple.

Unpredictable Demand

Remember how we wrote about some restaurants being caught flat-footed by the surprise Phase 2 announcement?

Yes, Covid-19 has made everything unpredictable.

What if I order in too little and don’t have enough for everyone?

Hopefully, as Singapore moves into Phase 2 and on to Phase 3, the situation will settle down for egg suppliers and our F&B businesses.

Meanwhile, Let’s Enjoy This Time Now

If you’re a hardcore fitness buff, and eggs are life, this is the best time to binge out on them.

If you’re a mom with four egg-loving children, here’s your chance to save on some moolah while feeding them their favourite food.

At the current moment, not only do you get cheap eggs, but they’re fresh as well.

It sounds too good to be true, but for this situation, it’s true (for now).

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