Hazelnuts: currency issues

November 27, 2023 at 10:40 AM , Der AUDITOR
Play report as audio

ORDU. Turkey’s central bank took economists by surprise in hiking the key interest rate by 500 basis points to 40% on Thursday. Hazelnuts are profiting from a strong euro.

Demand at stake

Alarm bells may have been ringing over demand in September, but as it turned out buyers were only observing a soaring market with prices touching TRY 110/kg for in-shell hazelnuts without rushing into decisions. As exporters report demand has been strong since October when prices returned to more normal levels largely driven by Ferrero’s revised offer over TRY 95/kg for in-shell hazelnuts, which helped to reign in manipulations. Opinions are, however, still divided as to the crop size with guesstimates ranging anywhere between an absurdly low 450,000 mt to 700,000 mt.

Demand is still good, especially in the East. In Europe Turkey has, however, lost valuable market shares to other producing countries including Azerbaijan and the USA. Yet, the strong US dollar and euro have played into exporters’ hands as they were able to lower their prices a bit in November. The prices for in-shell hazelnuts in Levant quality are fluctuating at TRY 92-94/kg and natural hazelnut kernels, size 11-13 mm, are trading at EUR 6.49/kg (USD 7.10/kg) DAP Central Europe.

Hazelnuts, Turkey




Natural, 11-13 mm



Natural, 13-15 mm



Meal, 0-2 mm



Diced, 2-4 mm






DAP Central Europe

Shift in economic policy

Although taken by surprise, economists have applauded the central banks decision to raise the key interest rate by 500 basis points to 40%, whereas prior expectations only hinged at 250 basis points. Impression is that the bank is determined to bring the country’s soaring inflation, which stood at 61% in October, under control by issuing the sixth increase in a series of interest rate hikes. The lira has lost 35% against the US dollar since last year and more than 85% of its value in the last five years largely driven by president Recep Tayyip Erdoğan’s unorthodox policies that have left people to struggle with a horrendous cost of living crisis.


View more
price chart, hazelnut kernels, natural, Turkey
price charts for edible nuts, dried fruit, oilseeds and more

Attached Files

File icon
price chart hazelnut kernels natural Turkey

View related articles

Go to the News Overview
Feb 21, 2024
NAIROBI/CAPE TOWN. Kenyan market players are already benefiting noticeably from the government's decision to temporarily lift the export ban on unprocessed macadamias. Prices in South Africa have fallen sharply in recent years.
Feb 20, 2024
BRUSSELS/SACRAMENTO. EU imports have slumped by 21% for almonds this season so far. With the impacts of the climate crisis gaining attention the industry is keen to promote almonds as good. Production prospects could hardly differ more in California and Spain this year.
Feb 19, 2024
FORT WORTH/ATLANTA. Supplies are tight for pecans. US exports are down. China has bought record volumes this season.
Feb 19, 2024
NEW DELHI/BEIJING. Prices in India continue to decline and market experts do not expect this to change in the near future. The situation is also tense in China, while all eyes in Brazil are on the new crop.