China/Hong Kong/Vietnam: December shipments to China/Hong Kong totaled 4.8 million pounds, nearly a 31% increase versus December 2024. Despite the strong month, year-to-date shipments stand at 13.4 million pounds, representing a 64.8% decline compared to the same period last year. Shipments to Vietnam were 3.63 million pounds, up 6.8% year over year. Vietnam continues to show strong cumulative growth, with year-to-date shipments of 46.1 million pounds, up 73% versus 2024, further reinforcing its role as a key growth market for U.S. almonds. On a combined basis, December shipments increased 19% year over year, while year-to-date shipments are now down only 8% against prior year, which is the smallest deficit seen all season. This signals the continued narrowing of the regional gap. Europe: Total shipments to Europe reached 261.4 million pounds year to date, essentially flat versus last year. Within the region, Spain continues to outperform, while the Netherlands and parts of Northern Europe remain softer. European buyers remain selective and value driven, maintaining near-term coverage while limiting forward exposure. Demand fundamentals remain intact, but purchasing behavior continues to emphasize cautious buying strategies. Middle East: Year-to-date shipments to the Middle East reached 175.8 million pounds, up 1% versus last year. Turkey emerged as a notable bright spot in December and is now 12% ahead of last year’s pace. Lebanon and Israel have also shown robust year-over-year growth. Saudia Arabia, conversely, is down 42% year over year. The region continues to show improving demand with buyers increasingly focused on premium grades and larger kernel sizes.
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JANUARY–FEBRUARY 2026
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