Although the month of May was more or less successful for Georgian hazelnuts, with export volumes being quite good compared to previous years, it is worth noting that Georgia generally sold most of its hazelnuts before May in previous years. Exporting unusually high quantities in May 2022 came at a price though – hazelnuts had to be sold cheaply.
Georgia exported 1,350 tons of hazelnut kernels in May 2022, 3 times higher than in May 2021 and top volume for May since 2016. Demand on remaining in-shell hazelnuts has died. At the start of the season, Georgia was heavily exporting in-shell hazelnuts, but the exports have dramatically reduced. In May 2022, Georgia exported only 43 tons of in-shell hazelnuts.
FOB prices from the trade data have reduced to $4.90 per kilogram, 18% lower than a year before and 6% lower than in April 2022. This is the lowest monthly average price observed in at least last 9 years .
Looking ahead, strong exports and strong prices are not likely. There are significant stocks on the market, which push the global prices down.