The price of hazelnuts has increased by approximately 30% compared to last year, according to Levan Kardava, the executive director of Georgia's association of nut processors and exporters.
Kardava explains that local Georgian companies are unable to set their prices, as the Turkish market largely determines the rates. Local prices are based on export values, and Georgian producers calculate their costs by monitoring Turkish hazelnut prices.
Currently, hazelnut prices in Georgia range from $0.9 to over $2.9 per kilogram, with lower-quality nuts starting at $0.9 and premium ones, like those bought by Ferrero, exceeding $2.9.
When it comes to export destinations, Kardava notes that the European Union remains the largest market for Georgian hazelnuts, with the bulk of the crop being shipped there. There is also a growing demand from emerging markets in the Middle East, Israel, China and the Commonwealth of Independent States (CIS), primarily Russia.
In contrast, Turkey's local hazelnut prices currently stand at up to $4 per kilogram, while export prices can reach as high as $7.6 per kilogram.
Source: bizzone.info