W27: Hazelnut Update

In W27 in the hazelnut landscape, the Union of Hazelnut Exporters of the Black Sea Region of Türkiye (KFMIB) reported hazelnut export earnings for the 2022/23 export season of approximately USD 1.6 billion in 10 months. From September 1, 2022 to June 30, 2023, 262.17 thousand tons of hazelnuts were sold in foreign markets. In June, 19.32 thousand tons of hazelnuts were exported with a value of USD 119.40 million, a decline compared to the previous month's exports of 22.28 thousand tons worth USD 143.43 million.

Moreover, new farming methods for hazelnuts and walnuts are gaining traction in Spain, known for its innovative agricultural practices. Agronomists introduced the single-walled axis technique for walnuts and the bushy vase monoculture farming for hazelnuts. The high-density planting method has shown promising results in terms of growth and productivity. The self-regulating nature of the single-axis technique reduces the need for extensive pruning and encourages a productive relationship among root systems. Planting density ranges from 1.3 thousand to 1.5 thousand plants per hectare (ha), with initial investment costs being higher but quickly offset by fast payback and increased productivity.

Lastly, in W27, the selling price of hazelnut kernels dropped in the Chinese market. The wholesale price ranges from USD 8.61-8.89/kg (RMB 62-64/kg). The demand for hazelnuts remains low, primarily due to the hot summer weather. Additionally, it is anticipated that a few new containers will arrive at Qingdao port in Jul-23, potentially exerting further downward pressure on the price.