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Georgian hazelnut exports were weak in October

EastFruit analysts have reviewed the latest trade data and they confirm reports of weak exports. In October 2022, Georgia exported hazelnuts worth $14 million, which is 30% less than in the same month of 2021.

The export of kernels still dominates the export of Georgian hazelnuts, but its share is not so large this time. Inshell hazelnut buyers from Italy are active again. Kernel exports were $9 million, while inshell hazelnut exports jumped to $5 million in October 2022. On an annualized basis, kernel exports were down 40%, while inshell hazelnut exports were up 8% in value. In terms of volumes, kernel volumes are down 27% compared to October 2021, but inshell volumes are up 12%.

Key factors remain unchanged. The largest local problem is the decrease in volumes and quality due to adverse weather conditions. Reduced supply usually leads to higher prices, but this is not the case this season as demand has been greatly reduced due to the war in Ukraine, which has caused global economic hardship.

The 2022 harvest in Georgia is estimated to be 30% lower than the previous harvest. If the estimates are correct, the current harvest is around 32 000 tonnes of inshell nuts, which is close to 2020 production levels. However, export prices in USD are now 20% lower than they were in 2020. As we can see in the EastFruit price monitoring tool, prices in USD in the wholesale markets of Georgia fell by 30% (40% in GEL).

The latest report (FINDIK TV) suggests that the market for Turkey’s main producer is also stagnant, but government procurement is doing its job. However, some Turkish producers are concerned that prices will fall even further after the end of purchases.

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