Exports of Georgian hazelnuts in February were the highest in the last seven years; is demand recovering?

Hazelnut Kernel

Georgia

Published Mar 4, 2023

Tridge summary

As EastFruit has repeatedly reported, global demand for hazelnuts has suffered from the effects of the Covid pandemic and the war in Ukraine. EastFruit analysts emphasize that export volumes from Georgia have increased, and, surprisingly, prices have also increased. Meanwhile, Turkish hazelnut suppliers are talking about booming demand. Fresh trade data for February show a positive trend for Georgia.

Original content

The country exported 1430 tons of hazelnut kernels, which is 5% more than in January 2023 and is the highest export volume in the last 7 years. In addition, export prices rose from $5.00/kg in January to $5.40/kg in February. The increase in exports, taking into account rising prices, should mean higher demand. Has demand increased significantly? - the answer is no. The February export price of $5.40 is still the lowest price in ten years. However, the monthly increase is of course still welcome. Representatives of the Georgian sector do not assess the current demand as strong. They note that large buyers have stock for the remainder of the current season. Right now, all the activity in the Georgian hazelnut market comes from distributors who buy in Georgia and supply small businesses in the EU. The unresolved economic crisis in Turkey remains a problem. The recent devastating earthquake has made the situation much worse. The Turkish Grain Exchange - TMO - has stocks of hazelnuts ...

Source: Eastfruit