The U.S. dominates the global almond market, accounting for just under 80 percent of production and 70 percent of the export market. However, after U.S. almonds were targeted by leading importers China and Turkey as retaliation against Washington’s steel and aluminum import duties, the price of almonds fell 14 percent from this year’s high in March. India, the top buyer of the U.S. nut, imposed additional tariffs in early August.
Production is forecast to total more than 1 million tons, according to the latest estimates from the U.S. Department of Agriculture, but as growers in California, which produces all of the U.S. supplies, prepare to harvest this year’s record crop, they are facing a drop in demand.
Chinese importers are looking for alternative sources of almonds and one nut trader says Chinese buyers were buying Australian almonds, which are free from import duties. In May alone, Australian exports to China jumped 17 times from the previous year to 282 tons, according to the Almond Board of Australia.
Last updated: December 26th, 2025
