Hazelnut price in Turkey ups 100% - Price increase in Serbia as well

Based on the research of the Agricultural Market Information system in Serbia within the Minstry of Agriculture and Environmental protection of the Republic of Serbia as well as on hazelnut price comparison in the region, it can be concluded that the price of RSD 1000 i.e. EUR 9 (retail sale, green market) has increased and that the upcoming period will bring hazelnut price growth in Serbia and region, the Association of hazelnut producers announced.

Hazelnut production fall in Turkey, the biggest world hazelnut producer and exporter caused a sharp price increase which endangers chocolate industry, AFP agency reports..

In March, four Black Sea regions in Turkey (Giresun, Trabzon, Rize and Ordu), regions with the biggest hazelnut production in the country were hit by bad weather conditions which caused serious damages.

Annual hazelnut production in Turkey is some 590.000 tons which is three quarters of the world production and this year hazelnut yield can go down to 370.000 tons, the figure producers count on.

The hazelnut production decline has already caused price boost of almost 80%. Last year, a kilogram of hazelnut totaled less than EUR 2.

- We expect sale decrease although we still do not have exact figures - İlyas Edip Sevinç said, President of the Confederation of exporters in the Black Sea region.

The situation directly affects chocolate industry which uses Turkish hazelnuts in its products.