Nuts

Pecans: India slashes import duty

February 21, 2023 at 4:46 PM , Der AUDITOR
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ATLANTA. India is cutting the import duty on US pecans by more than two-thirds, a change that has US growers in high spirits. Harvest is now complete in the US and some farmers are resorting to new methods to sell.

Demand is given in India

Good news from India is currently giving pecan growers in the US a reason to celebrate: India's government announced it would cut the import duty on US pecans by a whopping 70%. These cuts are a great opportunity for US market players, as the US news site WALB reports. For farmers, including in the main growing state of Georgia, where about 30% of US production is harvested, the import cut is a big financial relief and opens up new opportunities. However, since they still have to cope with extremely high costs for fertiliser, fuel, etc., price declines are unlikely for the time being. Market expert Dr. Lenny Wells also told WALB that the demand for US pecans on the Indian market is high - the marketing of the last few years has obviously paid off.

Harvest is complete

The USDA, meanwhile, reports that sellers' behaviour has adjusted to the relatively small crop this year. Many of them have switched to online sales or sell their goods directly in shops at their plantations. The harvest is now finished and the part of the goods that is not stored in the cold stores is now being sold. The nuts in cold storage are usually released for sale in late spring and summer, when buyers need to stock up for their orders and growers can hope for good prices as a result. Prices currently continue to hold at a stable level. On the European spot market, Fancy Junior Mammoth Halves from the USA are trading at EUR 12.25/kg FCA Spain.

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