Because of a combination of a lucrative free trade agreement with Korea that is scheduled to take effect by the end of 2014, and drought conditions lessening competition from the U.S., Australia expects to nearly double tree nut exports in the next six years and industry insiders predict that Australia will control a larger share of the global market. The value of tree nut exports is expected to grow from $600 million in 2013 to $1 billion in 2020, and the nut industry council predicts pistachios will grow the fastest over the next decade, with production increasing 98% from 1,180 tons in 2014 to 2,341 tons in 2025. The Almond Board of Australia has planned a trade delegation to Korea in November 2014 to introduce Australian almonds to the $160 million market and the Australian Macadamia Society plans to increase promotional activity in 2015 when tariff reductions take place. In light of the drought conditions hampering California production, Australia also sees market potential in India, United Arab Emirates, and the EU.
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