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Georgia kept exporting hazelnut in May, but at a lower price

EastFruit analysts note that May was more or less successful for Georgian hazelnuts. Exported quantity is quite good compared to previous years, but it is worth noting that Georgia generally sold most of its hazelnuts before May in previous years. Exporting unusually high quantities in May 2022 came at a price though – hazelnuts had to be sold cheaply.

Georgia exported 1350 tonness of hazelnut kernels in May 2022, 3 times higher than in May 2021 and top volume for May since 2016. Demand on remaining in-shell hazelnuts has died. At the start of the season, Georgia was heavily exporting in-shell hazelnuts, but the exports have dramatically reduced. In May 2022, Georgia exported only 43 tonness of in-shell hazelnuts.

Given the situation on global markets, crisis in Turkey and limited demand, Georgian export prices have reduced.

Trade data source: Ministry of Finance of Georgia

FOB prices from the trade data have reduced to $4.90 per kilogram, 18% lower than a year before and 6% lower than in April 2022. This is the lowest monthly average price observed in at least last 9 years .

Looking ahead, strong exports and strong prices are not likely. There are significant stocks on the market, which push the global prices down. Turkey is still in crisis. Quality of Georgian stocks of hazelnuts is not appropriate either. This reduces both, chances of exporting and chances of getting good prices. Stocks are likely to remain high at the end of the current season. Forecasts about the new season from the local sources should be available this week.

So far, this season (August-May), Georgia has exported 16.7 thousand tonnes ($92.7 million) of hazelnut kernels, and 7.7 thousand tonnes ($21.2 million) of in-shell hazelnuts. It is worth noting that export statistics for both kernels and in-shell hazelnuts are inflated due to rejections at EU borders. Through August-May, this season had 27 rejections due to Aflatoxins. For comparison, there were 12 rejections in total in previous season.

Read also: Hazelnuts exports from Georgia: Official trade data looks good but is not reflecting the whole picture

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