W8 Hazelnut Update: Prices Rebound in Türkiye and Imports Surge From Azerbaijan in Germany Market

Published 2024년 3월 1일

In W8 in the hazelnut landscape, in-shell hazelnut prices in Türkiye rebounded to USD 3.7/kg in the free market after a decline in Dec-23, and are predicted to continue increasing until Apr-24. In addition, Germany saw a significant rise in shelled hazelnut imports from Azerbaijan in 2023, making Azerbaijan the fourth-largest supplier of shelled hazelnuts to Germany. Furthermore, Belgium resumed imports from Azerbaijan in Nov-23 after a break since Dec-15. Lastly, the Turkish hazelnut market leader caused a stir among suppliers by asking for bids instead of publishing a fixed request, which weakened their negotiating position.

Hazelnut Prices Rebound in Türkiye, Predicted to Increase Until Apr-24

The Union of Chambers of Agriculture's Board Directors (TOBB) in Türkiye reported an upswing in in-shell hazelnut prices after a decline in Dec-23. The prices rebounded to USD 3.7 per kilogram (TRY 115/kg) in the free market and are expected to increase until Apr-24.

Germany Experiences Substantial Surge in Shelled Hazelnut Imports from Azerbaijan in 2023

Germany experienced a substantial surge in shelled hazelnut imports from Azerbaijan in 2023, reaching a six-year record of 4.2 thousand metric tons (mt), representing a 73.5% year-on-year (YoY) increase. The import value was around USD 25.67 million (EUR 23.7 million), up 65.7% YoY. Despite a decline in Dec-23, Azerbaijan became the fourth-largest supplier of shelled hazelnuts to Germany after Türkiye (45.3 thousand mt), Italy (10.2 thousand mt), and Chile (5.9 thousand mt). Furthermore, Belgium resumed imports from Azerbaijan in Nov-23 after a break since Dec-15.

Turkish Hazelnut Market Leader's Unconventional Move Causes Stir Among Suppliers

At the beginning of W8, the Turkish hazelnut market leader asked major producers to submit bids for hazelnut kernels instead of publishing a fixed request. This move caused a stir among suppliers and weakened the market leader's negotiating position. The hazelnut market had mixed reactions. Some supplier's offers exceeded the market price. Initially, the market leader did not respond, but later, it was revealed that they had purchased 20 thousand mt of hazelnuts. The estimated purchase price was USD 3.86/kg (TRY 120/kg) for in-shell hazelnuts and USD 7.71/kg for kernels.