The U.S. Department of Agriculture (USDA) recently released a report on "Global Nut Markets and Trade", which shows that global production of badam is expected to grow by 3% in the 2023/24 season to 1.5 million tonnes, with exports growing to 1.1 million tonnes; global production of walnuts will remain at 2.7 million tonnes, with exports projected to grow by 6% to 1.0 million tonnes; and global production of pistachios in the 2022/23 season declined by 6% to 782,000 tonnes and exports down 16% to 415,000 tonnes, while consumption grew 7% to 808,000 tonnes. (Pistachio production for the 2023/24 season is not yet available)

- Badam -

Global production of Badam is forecast to increase by 3% to 1.5 million tonnes (in shell) in the 2023/24 season, benefiting from increased production in the US, Australia and the EU. Global consumption is expected to increase by 6% to 1.6 million tonnes. Global exports are forecast to increase by 5% to 1.1 million tonnes as exports to China and India continue to grow. Global ending stocks are expected to decline on the back of significantly lower stocks in the United States.

Badam production in the United States is expected to increase by 1 per cent to 1.2 million tonnes as the area of fruiting trees and the weight of kernels increase to more than offset the reduction in the amount of fruit per tree. Its exports are forecast to rise 6% to 900,000 tonnes, with US ending stocks falling sharply from last year's highs, driven by strong demand from China and India.

Australia, which had a poor crop last year, is expected to see production rebound by 28% to 140,000 tonnes this year, with higher output driving exports up 5% to 100,000 tonnes. EU production is expected to rebound 40% to 148,000 tonnes as Spanish orchards recover from last year's drought. As supply increases, its imports are expected to fall by 1% to 280,000 tonnes due to steady demand from the food ingredients, snack foods and confectionery sectors.

China's production is expected to fall to 5,000 tonnes from 50,000 tonnes, while imports are expected to rise by nearly 25% to a record 160,000 tonnes due to frosty weather in the main producing region of Xinjiang. India's imports are expected to rise 11 per cent to 170,000 tonnes as retaliatory tariffs against US batanas are lifted.

- Walnuts -

Global walnut production is forecast to remain at 2.7 million tonnes in the 2023/24 season, with consumption also unchanged at 2.7 million tonnes, exports are projected to increase by 6% to 1.0 million tonnes, and global ending stocks are forecast to fall by 4%, as production in the major producer, China, is flat, and increased production in the US and Chile offsets losses in the EU.

Production in China is expected to remain at 1.4 million tonnes because of favourable growing conditions, along with stable planted acreage. Strong Chinese exports to key markets Turkey and the UAE will push exports up 3% to a record 245,000 tonnes and imports are expected to remain at 15,000 tonnes.

Fruit-producing acreage of US walnuts, which has been expanding since the 2000/01 season, is expected to grow slightly by 1% to 689,000 tonnes despite a shrinking acreage and a higher crop this season, with exports set to rise by nearly 15% to 450,000 tonnes, consumption set to remain high at 250,000 tonnes, and ending stocks projected to decline for the second consecutive year after peaking in the 2021/22 season.

Chile's production is forecast to increase by 3% to a record 198,000 tonnes, thanks to favourable growing conditions and a moderate increase in planted area. Almost all of the walnuts produced in Chile are sold to overseas markets, benefiting from steady demand in the EU and Turkey, with exports expected to show a corresponding increase. EU production is expected to fall by 8% to 150,000 tonnes due to the drought in France, with imports set to rise by 11% to 300,000 tonnes.

- Pistachio -

Global pistachio production fell by 6% to 782,000 tonnes in the 2022/23 season because of increased production in Turkey but declining production in major producers such as the US and Iran, with exports down 16% to 415,000 tonnes, while consumption rose by 7% to 808,000 tonnes.

Iran's production declined for the third consecutive year due to a combination of frost and drought, falling 21 % to 106,000 tonnes in the 2022/23 season, while exports fell 40 % to 70,000 tonnes, according to the Iranian Pistachio Association. Production in the US fell 24 % to 400,000 tonnes due to a small year in the 2022/23 season, and weak exports to China and the EU led to an 11 % drop in its exports to 294,000 tonnes from last year's record. Production cuts and a rebound in consumption left its ending stocks more than 50 per cent lower than last year. Around 80 % of Turkey's production was concentrated in the south-east, where fruit trees benefited from favourable growing conditions and its pistachio production was in the middle of a big year, resulting in a 130 % jump in output to 200,000 tonnes. Production in the EU rose by 4 % to 26,000 tonnes, benefiting from a slight increase in Spain and Italy, while imports fell by 8 % to 112,000 tonnes, with the US as its main supplier.

Iran has become the main supplier of pistachios to China since China implemented retaliatory tariffs against the US in 2018. China's imports fell by more than 50 per cent to just 68,000 tonnes due to Iran's production cuts.