Spanish Walnut Prices Plummet on Ample Supply, Weak Consumer Demand

Wholesale walnut prices in Spain dropped by 22% month-on-month to USD 3.23/kg measured midway through June. Spain, one of the top importers of walnuts globally, imported walnuts to a total 6,392 mt (on a kernel basis) in the first five months of 2023. Although this is 7% less than in the same period last year, consumer demand has dropped even further, leading to an oversupply. With another large global walnut crop anticipated for 2023/24, prices are set to remain at current low levels.