The nut business in Uzbekistan has been attracting a lot of investment in recent years, as the country has excellent conditions for growing a wide range of nut crops. EastFruit analysts have prepared a review of prices for the main nuts grown in Uzbekistan, and compared them to last year prices.
First of all, we note that pistachios of local production remain the most expensive nut in Uzbekistan. It is a wild plant that belongs to forest products in Uzbekistan. These pistachios are smaller in size than the cultivated ones, but the country has been trying to establish the industrial cultivation of these expensive nuts for several years, and announces very ambitious plans in this area.
Inshell hazelnuts in Uzbekistan are the second most expensive nut. Moreover, they cost much more than in Georgia or even in Russia. Wholesale hazelnuts in Uzbekistan can be 3 times more expensive than in Georgia, and they could also be grown there. However, so far there are no initiatives to grow hazelnuts in Uzbekistan.
Inshell almonds in Uzbekistan are not as expensive as in other countries, but they also differ in quality. There are local almonds, but there are almost no industrial fruit-bearing almond orchards in the country. As for walnuts, it is the most affordable type of nuts. In this segment, Uzbekistan has started laying industrial orchards, mainly of the Chandler variety.
How have prices for nuts changed in Uzbekistan over the year?
As you see in the chart below, prices for nuts have changed significantly over the year. Moreover, two types of nuts fell sharply in price, while the other two, on the contrary, rose sharply.
It should also be noted that wholesale prices for nuts in Uzbekistan change contrary to the global trends. First of all, walnut prices have decreased by one third, while, on the contrary, global walnut prices are at a record high now. Obviously, there is an issue with the quality and consolidation of walnut volumes for export, although Uzbekistan is among the world leaders in the export of walnuts.
The price of pistachios has risen by almost a third, but this is in line with global trends. The pistachio harvest in 2021 should have been low in the US and Turkey, as pistachio is known for its intermittent fruiting. However, a drought in California exacerbated the problem (see how pistachios are grown in the US here).
Iran, where a good harvest was expected, also did not have it due to weather anomalies. But the demand for pistachio in the world continued to grow. By the way, Uzbekistan has also increased its imports of pistachios in recent years, buying up to 1 000 tonnes, mainly from Iran.
The 35% decrease in the price of almonds compared to last year is contrary to global trends. Globally, almond prices have risen substantially from a very low level of last year. The main reason is the sharp decline in the almond harvest in California due to drought and water shortages (see how almonds are grown and processed in the USA here). Uzbekistan does not import almonds and actively sells them abroad.
The decrease in hazelnut price in Uzbekistan by 20% per year corresponds to the trends of the global market. The hazelnut harvest in the region has increased significantly this year having led to lower prices. Uzbekistan usually imports hazelnuts from Georgia and Azerbaijan. And in these countries, hazelnut prices decreased in the 2021/22 season.
We also note that prices for the main nuts in the Uzbek market have remained relatively stable in recent weeks. However, some changes can be expected in the near future, given the trends described in the article.
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