This USDA report focuses on the annual production and consumption of tree nuts in Turkey.
Turkey's pistachio production in marketing year (MY) 2024/25 is forecast to reach a new record due to multiple factors. Higher production volumes and larger-than-normal carryover stocks are expected to prompt sizeable export volumes of Turkish pistachios for the first time. While Turkey's production of tree nuts continues to grow, the country is expected to import substantial volumes of almonds and walnuts in MY 2024/25 to meet steady consumer demand. Imports of U.S. tree nuts continue to be disadvantaged by a 10 percent retaliatory tariff that was imposed because of U.S. Section 232 duties on Turkish steel and aluminum. However, despite this additional tax and growing competition, the United States is still the one of the top suppliers of walnuts, almonds and pistachios to Turkey.
Pistachios
Turkey's pistachio production in marketing year (MY) 2024/25 is forecast to more than double year-over-year to a record of 385,000 metric tons (MT). There are multiple factors contributing to this projected increase, the most notable of which is this year is considered an "on-year" in the production cycle for pistachios. The growth in production is also linked to an increase in the number of bearing trees, higher yields as trees reach optimal bearing age, and favorable weather conditions during the growing season.
MY 2024/25 consumption is forecast higher year-on-year at 235,000 MT, based on a projected increase in domestic pistachio production and the expectation that traders will want to draw down their record sized stock levels as much as possible.
Almonds
Almond production for MY 2024/25 is forecast to marginally increase year-over-year to 27,000 MT. This projected increase is mostly attributed to an increase in the number of bearing trees and good weather conditions despite some initial worries about an early bloom resulting from warmer than usual temperatures in the main growing regions. Because of the early bloom, growers were concerned about the potential for frost damage in February and March. However, mild weather conditions prevailed during this period and there was no reported damage. Warm summer temperatures and the early bloom caused the almond harvest this year to start a few weeks ahead of schedule during the month of August in Adiyaman and Manisa, the two biggest almond-growing provinces in Turkey.
Almond consumption for MY 2024/25 is forecast slightly higher year-over-year at 53,000 MT. Growth will be tempered by high prices for almonds, one of the most expensive tree nuts on the market, and difficult economic conditions in the country. The MY 2023/24 consumption estimate is adjusted slightly upward to 52,000 MT.
Walnuts
For MY 2024/25, walnut production is forecast at 67,000 MT, equal to the previous year's revised estimate. While the number of bearing trees grew this year, the anticipated increase in production coming from these bearing trees did not materialize because of warmer than normal weather in June and July and hail damage in several parts of the country. These weather conditions may negatively impact walnut quality.
The MY 2024/25 consumption forecast for walnuts is adjusted slightly lower from the previous year's revised number to nearly 133,000 MT. Consumption is expected to go slightly down due to bad macroeconomic conditions of the country. Depending on the year, around 40 to 50 percent of total walnut consumption is supplied through domestic production. Since the price of walnuts in terms of both TL and USD increased year-to-year, consumption is expected to decrease a little bit from last year.
Hazelnuts
Turkey is the largest producer and exporter of hazelnuts in the world, accounting for about 60-70 percent of global production and around 70-75 percent of world exports. Production in MY 2024/25 is forecast higher year-over-year at 675,000 MT. By comparison, other market sources as shown in the adjacent table are predicting production will climb even higher. However, the general consensus among market insiders is that production will increase year-over-year but will probably be below these optimistic predictions.
Click here to read the full report.
Fore more information:
USDA
U.S. Department of Agriculture
1400 Independence Ave., S.W.
Washington, DC 20250, United States of America
Tel: +1(202) 720-2791
Email: [email protected]
Website: www.usda.gov
Twitter
Facebook
LinkedIn