W30: Almond Update

In W30 in the almond landscape, the global almond market expects a 5% year-on-year (YoY) increase in production for the 2023/24 season, with the United States (US) contributing approximately 73% of the total output. Despite this rise in production, demand for almonds is forecasted to increase during the same period. However, any potential impact on almond prices due to supply and demand rebalancing is expected to be gradual.

Almond trade is highly concentrated, with the US, Spain, Australia, Germany, and the Netherlands accounting for 90.2% of global exports in 2019. The US is the leading almond producer, followed by Spain and Iran. In 2020, India was the top importer of almonds, followed by China and Hong Kong. Almond consumption is increasing globally, with the US, India, and Germany as top consumers. Exporting almonds from the US involves a series of steps, including establishing varieties, quantities, and destination countries, signing sales contracts, and meeting phytosanitary requirements. Import tariffs and aflatoxin regulations vary among countries and are crucial for exporters.

The Association of Almond and Hazelnut Exporters of Spain (SAB-Almendrave) has successfully concluded its first commercial mission to China. This mission became possible after the Spanish government announced a phytosanitary protocol agreement at the end of March, allowing exports of Spanish almonds to China. The trip, organized in early July, was led by the first vice president of SAB-Almendrave and was financially and logistically supported by the Gansu Chamber of Commerce in Spain. Lastly, the price of almonds increased sharply in the Bangladesh market, from USD 1.84/kg to USD 6.08/kg (BDT 200/kg to BDT 660/kg), impacting import costs.