January 7, 2015
Chinese walnut buyers pulled out of the market in 2014 cutting their purchases of U.S. walnuts as U.S. prices continue to climb and China’s domestic production strengthened last year according to the California Walnut Board. In November 2014 exports to Hong Kong, the largest market for U.S. walnuts, were down by 60% compared to November 2013. Although purchases from India are increasing, it is not enough to fill the void for the industry which generates $1.4 billion in revenue for its California growers who will see incomes drop by $1,200 per acre as a result of the drop in orders. It is hoped that China’s retraction from the market will be temporary and that Chinese buyers will return, drawn by the strict U.S. growing standards and quality.
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