China/Hong Kong/Vietnam: October shipments into the region came in at 20.4 million pounds, with Vietnam once again carrying the load. The market continues to show upside, posting 30.1 million pounds for the month, which is 132% up for October and a 94% increase year to date, a remarkable run by any standard. On the flip side, China/Hong Kong remains soft, reflecting the structural slowdown we’ve been watching all season. Shipments were down 73% in October and 75% year to date. Combined shipments to the broader region flattened out this month, down 2% and 11% on the year. We expect to see the region pick up next month with the recent 10% tariff reduction in China. Europe: Europe continues to be the standout growth region early into this crop year. Total shipments to Europe reached roughly 144 million pounds year to date, up about 29% versus last year. Western Europe alone is up 31%, with Spain, Italy, Germany, and the Netherlands leading the gains. Buyers remain selective and value focused, but the growth demonstrates that European demand is stepping up to absorb a meaningful share of this year’s crop. Middle East: Shipments to the Middle East totaled 47.2 million pounds in October, down 17.4% from the prior month and 9.6% year over year. Despite the softer results, the region remains a core growth market for California almonds. While volume growth trails Europe, demand for quality products continues to improve, with buyers increasingly targeting premium grades and larger sizes.
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NOVEMBER–DECEMBER 2025
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