Dec 19, 2023

Blue Diamond almond market sees export growth, despite 2023 challenges

Blue Diamond reports the almond market, as of Dec. 18, 2023, as a “robust performance” with November shipments reaching 238 million pounds, marking the second-highest November on record.

Sustained high demand in export markets, notably India, China/Hong Kong/Vietnam, Europe and the Middle East, contributed to this growth. India experienced a 14% increase in shipments, while China faced a 3% decline amid macroeconomic challenges. Europe saw a 17% increase in November shipments, anticipating a strong holiday season. The Middle East, a reliable market, exhibited a 22% rise in November shipments, according to a news release.

Despite a 2% dip in domestic shipments for November, year-to-date figures present a positive outlook, boasting a 9.6% lead over the previous year. Commitments, totaling 647 million pounds, decreased by 6.3%, while new sales increased by 4%, reaching 208 million pounds.

The crop, totaling 1.867 billion pounds, trails last season by 13%, with industry forecasts estimating a 2.40 billion pound harvest. Land IQ’s final estimate for 2023 almond crop acreage is 1,563,336 acres.

In terms of market perspective, the November position report aligns with industry expectations, showcasing a strong start to the 2023 crop year. Export shipments outpaced the previous season, and despite a slight lag in domestic shipments, overall demand remains active, setting the stage for continued strong shipments in the coming months.