Australia's almond production fell by 30%, stocks were cleared, and exports to China fell sharply

The Australian Almond Commission has announced a record-breaking sales season for the 2023/24 production period, despite a significant drop in output. The industry saw a 34% decrease in production, resulting in only 103,381 tons, which is less than the initial estimate. However, marketers managed to sell over 131,000 tons of almonds, surpassing the previous record of 129,500 tons. This success is attributed to increased demand in major processing markets like Spain and Turkey, as well as in the United States and California. However, there has been a notable 34% decrease in Chinese imports, the first decline since the Australia-China free trade agreement in 2017, due to excess rainfall. In contrast, Australian almond exports to India have surged by 114% due to a 50% reduction in tariffs. With the completion of the 2024 harvest, almond production is expected to recover and reach the forecasted levels, potentially improving the quality of shell nuts due to the dry climate, which could peak the interest of Chinese and Indian buyers.