Weekly Product Updates

W6 Macadamia Update: Vietnam's Macadamia Export to South Korea Sparks Growth for Local Growers and Australian Macadamia Industry Resilient Amidst Challenging Market Conditions in 2023

Macadamia Kernel
Australia
Published Feb 19, 2024
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In W6 in the macadamia landscape, Vietnam exported 10 tons of macadamia to South Korea in 2023, marking significant opportunities for local growers. Meanwhile, the Australian macadamia industry faced tough market conditions in 2023 due to increased global supply and intensified export competition. Farm prices fell to their lowest level in a decade, with China's nut kernel imports increasing 40% YoY. Despite these challenges, overall macadamia nut sales increased by 4% during the export season, with Australia remaining China's leading supplier.

Vietnam Exported 10 Tons of Macadamia to South Korea in 2023

In 2023, Vietnamese macadamia, known as the queen of nuts, made its mark with 10 tons exported to South Korea from Đắk Lắk province, following market access to Japan. This achievement signals significant opportunities for local growers.

Australian Macadamia Industry Faces Tough Market Conditions in 2023 Amidst Global Supply Surge

The Australian Macadamia Nut Association's 2023 Annual Report reveals that farm prices for macadamia nut farms in Australia have fallen to their lowest level in over a decade due to increased global supply and intensified export market competition. China, the world's second-largest producer of macadamia nuts, has seen a 40% year-on-year (YoY) increase in nut kernel imports. The industry covers 40 thousand hectares (ha) and achieved farm-gate sales of USD 68 million (AUD 104 million) in 2023. The Australian macadamia industry, which plays a crucial role in Australia's horticultural product exports, has experienced unprecedentedly difficult market conditions in 2023. Despite the challenges, overall macadamia nut sales increased by 4% during the export season, driven by strong kernel exports to South Korea and a sharp improvement in exports to the United States (US). Despite the increase in domestic production, the total import volume of macadamia nuts from mainland China and Hong Kong continues to increase, with Australia remaining China's leading supplier.

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