US almond prices fall amid bumper harvest and sluggish Chinese demand
CGTN Published on Aug 18, 2018
Almonds are a key US agricultural export to China, and with the China-US trade relationship on the rocks, the humble nut is seeing a serious hit in its sales price. China's demand for US almonds has slipped significantly since June. In that month alone, US almond exports to China dropped to half of last year's level. August saw shipments fall even further. Sluggish demand, together with a record harvest in the US, has caused the sales price of the American-grown nut to fall by more than a tenth in two short months, down to less than two-and-a-half dollars a pound. As the world's second largest producer of almonds, Australia, which enjoys a Free Trade Agreement with China, is expected to benefit greatly from the shift in pricing.