2.7. Pine Nuts

China

The crop 2021/2022 has been estimated at 63,000 metric tons (in-shell basis) and it has been the top crop year within the pine cone five-year bearing cycle. For season 2022/23, production is expected to be very short, forecasted at 25,000 MT, and composed of 20,000 MT of Pinus koraiensis, 4,000 MT of P. yunnanensis and 1,000 MT of P. massoniana.

At the time of writing this report, the market price for the 650 counts was at $39-41/kg. The pricing along with high harvesting labor cost, local transportation fees, and export freights, as well as the RMB appreciation were impacting the Chinese exports. Besides, the lower crop, along with a strong domestic market, which is estimated to absorb around 70-80% of the crop, will likely impact international shipments even further and push more imports from other origins.

Mediterranean

Prices for the Mediterranean pine nuts remained high as well, over u20ac60/kg. On top of that, supply has been on the lower side the last few years, as producing regions in Spain, Portugal and Tu00fcrkiye have been affected by drought, fires and the Leptoglossus occidentalis pest.

Thus, the key for increasing supply and hence lowering prices is through the way of reforestation. Currently, there are several initiatives in the EU and Tu00fcrkiye to promote the planting of pine nut trees and their sustainable management.