Macadamias: China on the rise
While floods have hit this year's macadamia production in Australia, China is about to become one of the leading producers. Inflation coupled with geopolitical tensions are weighing on demand, and prices are on the move in Europe.
China to take the lead.
Harvesting is underway in most producing countries, and the International Nut and Dried Fruit Council (INC) anticipates a 10% rise in global production. Inshell production will range from 270,000 to 275,000 mt. Special attention should be paid to China since in-shell production may reach 50,000 mt this year. If this trend continues, China will become the leading producing country in 2023, as Antares Commodities states. Although quality certainly is an issue, China's increase in production will impact exports.
Prospects are also highly encouraging in South Africa as production should climb by 10% to 60,000 mt this year. Kenya will also produce around 42,000 mt. Growers are, by contrast, struggling with extensive damages caused by heavy rains and floods in Australia, and production estimates have been revised downwards to 49,000 mt. Although Vietnam will only produce 7,700 mt this year, this volume may rise twofold in the next eight years. (Mundus-Agri)
Inflation and geopolitical tensions are weighing on demand. Most buyers are, in fact, only purchasing the bare essentials, and the anticipated rise in global production is not exactly helping sales along at present. Prices have declined slightly in Europe. (Mundus-Agri)