Global walnut export to grow 6 pc
The ’ Tree Nuts: World Markets and Trade Report’ recently released by the US Department of Agriculture’s (USDA’s) Foreign Agricultural Service (FAS) records favourable projections for global walnut production and exports in the 2023-24 season. The global walnut production is projected remain stable at 2.7 mt, while exports are expected to see 6 percent growth, reaching 1.0 mt.
Stability is expected in the 2023-24 season, with global walnut production and consumption both anticipated to remain largely unchanged at 2.7 mt and gains in the United States and Chile offsetting losses in the European Union. The report forecasts a 6 percent upswing in global exports to reach 1.0 mt, alongside a 4 percent decline in worldwide ending stocks.
As a result of favorable growing conditions and stable acreage, China’s production is expected to remain steady at 1.4 mt. More shipments to the key markets of Turkey and the United Arab Emirates are projected to push exports up by 3 percent to a record 245,000 tonne, while imports are expected to stay flat at just 15,000 tonne.
U.S. production is forecast to slightly grow by 1 percent as increased yields more than compensate for reduced bearing acreage, which had been expanding since 2000-01. Exports are expected to surge nearly 15 percent to 450,000 tonne, with consumption remaining high at 250,000 tonne. The report also predicts a second consecutive year of declined ending stocks, following the peak observed in the 2021-22 season.
Expecting favorable growing conditions and a moderate increase in bearing acreage, Chilean production is forecast to rise by 3 percent to a record 198,000 tonne. Considering that nearly all walnuts produced in Chile are destined for overseas markets, exports are expected to see a similar rise on the back of steady demand from the European Union and Turkey.
Conversely, drought conditions in France are anticipated to cause production in the European Union to decline by 8 percent to 150,000 tonne, which alongside greater demand from the snack food and cooking ingredient sectors is expected to drive an 11 percent increase in imports to 300,000 tonne.