W38: Hazelnut Update

In W38 in the hazelnut landscape, the Turkish 2023 hazelnut harvest season began in late August and extended into early September. Prices are forecasted to increase due to farmers' reluctance to sell their hazelnuts to processors at reduced rates. During W37, the Free on Board (FOB) price for unroasted white hazelnuts (size 13-15) increased by 14% week-on-week (WoW), from USD 8.19 per kilogram (kg) in W36 to USD 9.25kg. Key suppliers in the hazelnut industry expressed concerns about the price instability at the World Food Istanbul exhibition. Offers were only valid for one hour and required a down payment. Additionally, high demand from China, a major hazelnut importer, contributed to the price pressures in the hazelnut market.

Hazelnut prices have been steadily increasing in the free market of Türkiye, with reports indicating that hazelnuts are now being traded at USD 3.67/kg (TRY 100/kg) in Ordu. This price surge is due to a yield loss in hazelnuts. The official prices set by TMO (Turkish Grain Board) for Giresun quality hazelnuts stood at USD 3.09/kg (TRY 84/kg), and Levant quality priced at USD 3.03/kg (TRY 82.50/kg), but the free market has surpassed these figures. A Union of Chambers of Agriculture of Turkey (TZOB) Board Member stated that the price for 50% yield hazelnuts in the free market reached USD 3.67/kg (TRY 100/kg), a significant increase from the season's starting price of USD 2.39/kg (TRY 65/kg).

Furthermore, Türkiye, a major hazelnut producer and exporter, shipped the most hazelnuts to Germany during the 2022/23 export season (Sept-22 to Aug-23). In this season, Türkiye exported hazelnuts to over 120 countries, totaling 298.6 thousand metric tons (mt) valued at USD 1.795 billion. Germany ranked first in foreign sales, followed by Italy and France. Additionally, China has emerged as a growing export market, with approximately USD 52 million in sales and around 8 thousand mt. Expectations are that sales to far eastern countries, especially China, will increase in the current 2023/24 season compared to the previous season.

The Bureau of National Statistics of Kazakhstan reported that the prices of various nuts, including hazelnuts, almonds, cashews, and walnuts, witnessed a 3.9% increase in the past year from Aug-22 to Aug-23.

Lastly, Chile's non-traditional exports have seen a 5% expansion in the first eight months of 2023, reaching a total value of USD 30.68 million. This marks the highest value for a similar period on record. Among the notable non-traditional products in this period are hazelnuts (174.5%), horse mackerel boats (+9.5%), walnuts (+10.5%), cardboard (+7.8%), and mussels (+15.8%). The United States (US) remains the primary destination for Chile's non-traditional shipments, followed by China and Brazil. The Metropolitan region led non-traditional shipments in Chile, followed by Los Lagos and Antofagasta. Chile's total exports have increased by 0.6%, while imports have decreased by 20.2% in the first eight months of 2023, leading to a trade balance of USD 65.71 million.

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