W50 Almond Update: Spain Will Ship the First Batch of Almond to China in 2024, Australia Sets Record in Almond Exports Amidst Growing Global Demand

First Batch of Spanish Almond Will Arrive in China in the Beginning of 2024

Dcoop Group will ship the first batch of 300 metric tons (mt) of Spanish almonds to China between Jan-24 and Feb-24. The shipment will consist of 15 containers weighing 20 mt each, with 160 mt of Lauranne and 140 mt of Penta varieties. Negotiations for Spain's export of almonds to China began in Oct-17 and were approved on April 11, 2023. Currently, only the Unió Nuts plant of Dcoop Group, based in Catalonia, has obtained permission to export almonds to China. The Spanish government identified the Chinese market as an essential target in the strategy to expand almond production and aims to export 50 thousand mt of almonds to China in 2025 and 90 thousand mt in 2032.

Record Almond Exports in Australia Expected to Result in Shortage of Ending Stocks

The cumulative almond exports in Australia in the first eight months of the 2023/24 marketing year (MY) reached a record of 85.38 thousand mt, on a kernel basis. It was 11% higher than the value in the same period in 2022/23 and 33% higher than the five-year average. The increase can be attributed to the delayed harvest in the United States (US) and tariff reductions from India. The strong exports are expected to result in a shortage of ending stocks. The crop for Australia's 2023 season was only 103.38 thousand mt, the lowest in five years due to a lack of beehives during pollination in Sep-22 and unfavorable weather conditions during the growing season. If cumulative exports reach 105 thousand mt and domestic shipments get 25 thousand mt in the remaining four months of the season, almost no almonds will be left in stock before the 2024 crop is harvested.