China/Hong Kong/Vietnam: February shipments to China and Hong Kong totaled 3.3 million pounds, representing a 144% increase compared to the prior year. Shipments to Vietnam reached 6.0 million pounds, rising 155% for the month and delivering an impressive 72% year-over-year gain. Combined shipments to these regions increased 151% year over year in February, driving the year-to-date total into positive territory at 0.34% for the first time this 2025 crop year. This result is an encouraging sign of strengthening demand and continued momentum in these key markets. Europe: Europe delivered another solid month of demand with shipments totaling 74.2 million pounds, keeping a flat trajectory for the year. Buyers continue to execute a hand-to-mouth purchasing strategy which should lead to continued demand for the remainder of the year. Spain and Italy continue to show strong growth, up 16% and 18%, respectively. Germany is down 2% year over year but continues to provide steady demand levels. While some markets on the continent remain cautious in their approach, the overall demand out of Europe continues to provide stability for the export markets. Middle East: Shipments to the Middle East totaled 28.1 million pounds in February, bringing year-to-date shipments to 233.1 million pounds, an increase of approximately 5% year over year. The region continues to represent an important destination for California almonds, supported by strong consumer demand and well-established trade channels. Turkey, Israel, and Lebanon are outperforming relative to last year, while Saudi Arabia, Jordan, and Iraq are all down double digits year over year. Ramadan restocking would typically be expected in the next one to two weeks as buyers return to market, but with recent geopolitical developments in the region introducing additional uncertainty surrounding logistics and trade flows, some of this demand could come off the table. While underlying demand across the Middle East remains generally firm, disruptions to shipping routes and vessel schedules have created some near-term delays and required adjustments to freight planning and execution. Market participants are closely monitoring developments as both sides of the trade evaluate alternative routing options where necessary.
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MARCH–APRIL 2026
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