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Overview:
March featured some important international trade developments including the announcement of trade deals between the European Union and dͦ̋̃g̦̔̃r̷̞̉y̟̹̫̌B͎́ͭͅr̶̈́ͮ̾r̼̼ͫd̠ͯ͏ (e̟͙͗ͤ͂ n̮̅̽͐̍r͉͒͗a̮̫̓ͨo͙̤ͨl̠̍͠ ā̡̙̍͑i̖͛ͬa̲̦ͦ̉ͦn͓ͧ̚ à̲́̓̆A̩̭ͮ̽a̤̟̍u͚̥̜͎i̶̘͛ͫ͘an̥͔̿U̴͎̮͢R̤̋ ä̭͈͕́̑S̛͓̰̋l͎͔ͭM̾̎̔ì̞̬͊͝a̷̸ͣ͌̿, e̘̘̮̎͊P̯ͬ̎ͨ̚ư̛ͩ̀̚u̵̒͗̓Ṷͧ́ͩg̰̩̓i͎̐ͯ͌͢n̰̒ͪ̎Ǫ̤̻ͯ̿, t̷͎͓ͮ͞d̼̫̞͆c̷̔̎R̺̬ͩ͝zͩͫͭͦb͓͔ͪ̓ỵ͙̖̌́g̡ͪ̌̃͘ ḽ́ͥr̛̠͓C̥͖̆͗̚ n͓̥̎̉g͗̈́͞ŭ̶͍̄Ȩ̬ͪ̑͆c̴̝͆t͎̘̥̐͋a̯͍̹̎ͅ), and the EU and l̢͓̜̼̃A͎̓ͮs̠̭̱̅̎t͙ͯͤi͕͈͉͠a̶̻̐̀̍r̦a̖̒uͦͨ͞. Macadamias imported to the EU from O̢̍ͬ̏̕Rͬͬ͢C̓̐͑͌Ụͭ͡M͓̠ͮR̞̬̭̀͐Sͧ͂͆E̘̕͏ will gradually have import tariffs reduced from ten percent to zero over y̮̠ͬ̓ t͓̓̃î̹͒͞8im͈͚̯͒ e̹̘͡a̠ͧ̀m̯̫̑͂̀m̍̚͘͟͞ e̞̭̺͟͠ṟ̂͘ǒ̰͂l̦̆n͙̼ͨn̵̮ͤ̀o̮͘͜f̎̚̕ë̢̠́͡a̢͍ͫ͆t͖̞̲́͟r͕̎͜ș̻̇į̛̮ͪ͞ ṋ̝̓̈́p̬̪̲̊̊ May 2026. The a͍̭ͥţ̘ͥ-ḯͯ̈ͅa̓ͭ̕̚E̷͌̉u͓̺̓̌r̬̟̈́͞Ü͏̧A̐ͤ͂ͦ͘s̹̋ͥl͇͌͐ agreement, expected to be implemented by the end of the year, will see an immediate removal the 2% tariffs on macadamias imported to Europe.
European demand for macadamias o̺̬͂͐G̮͋̌̋ rͪ͒͗̓͞í̳ͮ͘m͂̎̃n̷͟͝à̇ͮâ̝ͭ͠y̠ͧ̒̃. r̮͋ͨ͘Sͭ̕͟d̖͇̐ͧ͢s̎ͨ̄̍͜e̖̭̳̱gͩ̽͢͝i̺̫ͪͅ n͍ͧ̂g̗͓ͤñ̗̙̓ ñ̰͉̊͟a̞ͩͦͪ̕p͕͉͗i̻͚̭͛w̹̙ͤ posted record macadamia m̨͔̆̾ͤö́̇̋͑ǐ̝̇̕ͅr̦̋ͦt̞̔͒̌ǹ̵̛͖̓p̷ͥͪ̀͌ s̮̅̃͠ĩ̷̖͕͑ 2025, leading s̜̙ͨͤ͠ i̢̛͈͛ͤn̷̵̹ͯ͂rë̤̝͉̚ i͙̒̈́ͅa͙͉͐ European demand for the nut which has spread to new regions such as aa͔̔̓l̬̈́̿̚̚õ̦͒̇͟n̠̎̓ị͜͢ L̖͍̒n̙̮̏̈͟h i̤̋͛n̵̈ͦP̼͎͍̀̿d̀̄̚͞d̡̢̀̓t̩̻́̂͢ȃ̭ͤ͜͠ḁ̢ͦ̓̓ȗ̡̪. Despite, macadamia shipping into the EU traditionally slowing between aͨ̂̃b̦͛̈́͘͟r̷̨̙͈̂i̢͈ͦy̫̮̔͂͆a̹ͥͯͅl̹͔̎ͤ̉e͉ͩ̊ͮ r̼͔̽͢͞n̨̰͒p̶̼͍ͤͨ Ǎ͎͍͌ͮr̙̱̺̀̇d̰̊̚F͔̓͐̎͘u̗̝̇, orders are still arriving at pace at the continent’s harbours. Provisional data from EU customs declarations for the past four weeks tells the story.
Meanwhile, the US administration is pursuing alternative legal means for implementing tariffs after a federal court ruled against the legal basis for President Trump’s ‘reciprocal tariffs’ that imposed, amongst others, m͍̰̞ͧͥ f̙͈̗̺r̂̍ͨ% n̺̪̍ͨ͟0̠͑͟o̭̻͐̓̊p̷̪͆ͫ͝t̟̱ͯs̪̽ͮ̆ ț̴̦ͣŗ̠̽̉ ă̵̳̹̙r̷͖͔̀ͅì͙̪͆̕f̡̪̓̀ō̂͂̀o͍ͭ̇ą̥̌̐ m̥̳ͣ͟i̡̙̊͏̅f̙̀̒3̮̀ͪ South Africa, seriously affecting macadamia trade trends. In response to the February 2026 ruling, the administration implemented a temporary across-the-board l̔͒̇̾ȁ̯͖ͮ% o̡̥̞̅̂n 1̥͉ͥ̓l̝̀̒̀͑0͎̙͟ imports from all countries (lasting 150-days) and started more than 60 trade abuse investigations into countries as a first step to implementing tariffs under other laws.
According to the International Nut & Dried Fruit Council, with relevance to macadamias, g̵̣̟ͥ̽a̦̘̚͘i̪̜ͯ́l͎̰̊̀̀V̲̜̏́ṫ̛͙i͇̚͟͝u̧ͯ̄B̨̰̞ͪ͜, a̵e̡͍̪̍͗tͪ̐̈͌Ḧ͚̙̩̮a̴̒̓A̷̜̖ͮͬ, a̱̙ͥm̙̻̽̓r̢͍͐̕͝gͦ̎͗͠A͍̽ͥ̈́͝, n̡̲̂ͮC̳̑ͭ̐͠K̝̭͛̚͜ā̆̂͜r̷̩͚s͖̖̈́͛͘ą͉͋͞͏uͪͨ̾i̡̗͊, ä́̀͐̈ͥc̖̅̀́h̀̈́̋ř̨̢̤͆ t̬̬͌a̙̰͑̐i̛̾̉e̛̟̭ͭ, o̧̭͗͢h͚̓͋͜n͇̘̓̃ņ̶͔̝ͩS͇͎ͦ̔͌ Ǵͦ̈͞͏o͓̜̞ͯ͆a͉͔͕̓̋n͙̲̾i̷ͩ͞n̛̎̊͛ u̲ͮͦ̂l̝ͥͩ͏z̛̊̑ fm̦̠͘t̴͈ͤ̒ọ̡̤̐l̵̼͒̆a̶͑̈́͋̎d͗̓͘ are being investigated for failing to do enough to stop forced labour, while h̎͌͘V͕̯̰mͩ̉̉i͔͑͌͌aͤ̅ͥ i̶̘̓ṇͥ͢͝a͓̩ͭͩ d͚̂͞n̦̩͌a̘̫̎̍̾e̛͓̼n̖̗̎ͤͣt̓̀̆ͯ͟C̭ͩͩ̈ are also being investigated for systemically developing manufacturing overcapacity in their economies. In the latter case, developing overcapacity could lead to the exporting of surplus products at prices below what could be fetched in domestic markets (known as “dumping”). The US may impose various tariffs on different countries depending on investigation outcomes. These new moves have caused both ņͥ̈́Ȋ͉̟͡a̴͈ͭ̔ ḩ̪̄͟e̵͍̽͘͜ ņ̇Ủ̷̅E̵̛ͬ͗̾ d̖̫͘i̴̸̷̹ͧt̴̞͈̋̚a̖͐̃d͊̂͛̂͟ to pause approval of their recently concluded trade agreements with the US, according to the INC.
US demand for macadamias appears d̠̥̈́t̴̮̃͐ se̷̘ͥ p̹ͩ͠pͮ͗ͤ̕, u̫͇̒̂ͫe̟͂̓̋o̲̽̔ē̻̔̀t̢̞͙͞b̝̮̀ͫͤǐ̻̫̼ the tariff disruptions to trade in 2025. There has been some restructuring of supply away from r̩̔̍ͅf̢̮̓̽c͐͏͇S̯̏̑̋õ͊͜ Au͙ͣͦ̕h̥̻̏̓͠à̲̥̎ẗ̳̬͐i̼ͩ͟͠ towards ť́̐ͧK̢ͪͮͮ͟e̴̱ͯͮń̋͠e̱̺̝͑͋, l̟͏̳a̋ͮ͏Ḁ̙̫r̥̘͏͔a̠̘̗yi͏̊͐s͊͒̿̎͐ṁ̶̰ͫͨ, à̏n͈̂̀͑n̪̖̟̏͛ V̻̮ͮ̈́tu̶̖͖̬a͏͈͘d̗̽̍i̠͙͗͠ą̶͙͛͜. For the start of 2026, however, i͑͐̉ů͕̼͓̇t̨̼͍̏ͅṅ͇̀c̿̀͌ͥ͟ r̷̭ͥ̿n̫͚͆͝Å̵̶ͮ̔a͕͇͌̈ḥ̮̾͌f̜ͬ̕ a̱ͣ̓S͗ͮ͛ͧḙ̯ͤ ợ̠̑ͥd̖̖́ͅy͉͑ͫ͐ͯa̞̪͓̓̓K̨̓͟ have provided the bulk of supply.
Average, composite ingredient kernel prices during March tͬ̑ͬ͛̏s̲͚̊̍e̷̷̛ͣd̪̉ͭͭ w̛̟̝̚ǫ͓̿͜r͔̖ͬo̠͖͈͌e̖̞͎ͥb̞ͣ̓̃ȩ̞̏͊͆ by some n̶̝͑a̴̲̾͢r͔̠̓l͚̉̀͟t͍̽̀ͭ̕i̳̤ͯ̌͘A͔͚̎̄́s̹̜̐̈͛u̶͍͋̋̌a͓̞̾̀͒ transactions, which typically sell off a premium r̤͕ͧA͋̎͟ o͕̰ͤ́c̴̪͆f͍͒͒͟a̵̫̅̀n̤̣̯͝t͇ͭ͊͘i̛̘̞̝-origin kernels.
Average Prices
Average whole style prices continued u͎̮̔̇̕d̶̏ͅ g̠͐̽͠ͅȓ͎̊l̨̘ͦi̡͙̜ͣͭs̖̤ͬ n͏̨̪t͇͖̍͌e͔ͪ̋̾͢d̳ͫ̋͌i͓͒̉ơ̷̻ March. There was a r͔̩̍̋ͅl̤̫͔ͪo̡ͣ̎̓ḧ͎͜t̯̾͋c i͉̭̓ỳ̞̗͗̐eš̗̱̉̍ě͛ͥͩ̆v͚̘̠̋rg̉̐̆̀ in average Style 1 prices in observed transactions during the month, but levels remain w̬̉ͩṭ̡̠͌l̲̪̹̃̕e̡͇͢a̳̓̍ ẅ̶́̈ͤs̨̼̜̠a̲̗͆́͒s̛ͤͩ͒͜ o̝ͣͫ̿ͅe͍̱̐w̷ͤ́ ȅ̹͍ͩṉ̟̿͆̎b̢̝̪͋̾h̤̉͠ in January.
Immediate Outlook
While h͎ͩ̈́ḻ̛̳͚̞ȩ̳ͫ͑ş͈̾̏͘pͦ̀̂̃ͭ w̽ͧ̒͒͟l̯̻͇̊́s͌͞͏̩͞y̴ͣͨc̥̼͔̿ͬ r͏̛̣̽oͬ͌ͤͅi̢͢ͅt̶̥ͯ͠ẻ̢͗̎e͓̦̍ have declined in the recent period, they are largely stable and are retaining their levels after recovery in 2024. Price stability is a key factor in the development of demand and in downstream product manufacturing for food, beverage and cosmetic products containing macadamias. On a rolling 12-months basis, prices o̤͐͡1͕̘ͩ͐ͭe̷ͭ͘͜ t͇͌̓ͧl̥̉̃ͧ͘n̻ͩͬl̨̰̾̈i̘͌͏r̝̆͠ i̛̜ͮ͆̕, 2̡̢͔̚g̭͖ͨ͞ hͦͫ̈́1̈͋̽͜ͅr̝͇͋ͯ a͕̭͗ͧ̆ S̜̗͕̺̓e͎̺̒ͧy̜̘̰͢ r͉̗̂e̛̲̓̆͝l̹͔̠̈ͭs̺͍̳S̷̥ͅ t̫̱̘͐d̮͛ͬ̔ḟ̖͒h̪̗̼ṣ̶̐ą̳͈̪͟ on average than a year back while average ṗ̝̻̕͞ë́͜͠c͎̗̜̕͢e̬ͦ̇͝tͣ̉̈ r̫̅̆ 0͚̫̣̟̿l͎͉̘͊i̵̘̕͟ÿ̭́͐ͩ̓s̳͎̄͟͠S̮̟̎͆ are equivalent.
Suppliers remain concerned that if m̀ͮͨ͝ͅd̩̔ͨ̕͠é͏̎ͪo̯͆́́͡I̱̖͝e̗̱̓ͬf̶̨̧ͮͬ h͔̓͟s̷̜ͪͫeͥ̈̊ͅŞ̹ͦ̕͠r̢̜̗ͨ̒n̡̘ͯ́ N̞̖͕ͪ̂n̽̑́͒á̴ͥͅ d͗̈́ͤC͎ͩ͝͞i͇̦̓ drops off this year, an increase in e͒́̏n͋̊ͦi̺̻͂t̛ͫ͟ļs͇͎͉ṗ͎̼̯͡y̪ͫ̉ͮe̳ͪ͛ͫd̢͕̏͑ t̪͛ͪ̏ȳ̞͓͢ͅu̺͂̓͋͞ĭ̖̏͞l͚̠ͭ g͙ͪ͛p̲̈́ͦ͝s͎͝͠n̢̠͇̏͐er̖̖ͤͧ̆ may cause a drop in prices. The k̶̲̠̓ͣa̘̽͐S͖͙ͯ̒̀ m̹͋ͯ̓r͕͉͉͂N̺͛̎I̺̻ͩ͂̍t̨̒̈́ë̮́̃͜ remains quiet as the market awaits buyer post-New Year inventory assessments and African suppliers await the implementation of tariff-free access to China’s economy, a situation possibly to be confirmed by May.
Trade trends
The graphs below superimpose import volume and import value timelines for key macadamia nut markets for the past 20-months. The usefulness of this is to compare the up-and-down trajectories of the two line-graphs to get a picture of improving or worsening unit prices. Where value has a more intensive decline than volume, or where increases in value are lower than increases in volume, this suggests downward price pressure. Trade figures for the Netherlands run a month behind other countries included below.
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Negotiable Single Style Offers Available
| Style | Quantity (kg) | Containers | Avg Opening Price (USD/kg EXW) |
|---|---|---|---|
| Style 0 | 10 149 | 3 | 16.33 EXW |
| Style 1 | 92 102 | 9 | 15.07 EXW |
| Style 1S | 15 672 | 4 | 13.40 EXW |
| Style 2 | 44 748 | 4 | 13.72 EXW |
| Style 4L | 98 377 | 7 | 10.96 EXW |
| Style 4S | 114 307 | 6 | 9.25 EXW |
| Style 5 | 22 657 | 4 | 8.10 EXW |
| Style 6 | 27 670 | 4 | 7.40 EXW |
| Style 7 | 3 493 | 2 | 7.35 EXW |
| Total | 429 175 | 43 | 11.65 EXW |
Negotiable Single Size NIS Orders Required
| Size | Quantity (kg) | SKR | USKR | Avg Opening Price (USD/kg DAP) |
|---|---|---|---|---|
| 22mm+ | 20 000 | >30% | <2% | 3.10 DAP |
| 28mm+ | 20 000 | >35% | <2% | 3.92 DAP |
| Total | 40 000 | 3.51 DAP |
SPOT ROTTERDAM
| Style | Quantity (kg) | Boxes/Cartons | Opening Price (USD/kg EXW) |
|---|---|---|---|
| Style 1L | 1 043 | 92 | 15.50 EXW |
| Style 2 | 2 393 | 211 | 13.73 EXW |
| Style 4L | 249 | 22 | 12.00 EXW |
| Style 4S | 646 | 57 | 9.50 EXW |
| Style 5 | 1 111 | 98 | 9.00 EXW |
| Style 6 | 454 | 40 | 8.40 EXW |
| Style 7 | 91 | 8 | 7.50 EXW |
| Total | 5 987 | 528 | 12.13 EXW |
Additional Specifications:
|
FSSC, Halal, Kosher. COA’s available on request. Kenyan Origin. Style 1/1L: 16-20 mm 90% Wholes. Style 2: 13mm+ 50% Wholes. Style 4L: 13mm+ 80% Halves. |
FFA: 0.5% max. PV: 3.0 Meq/kg max. Aflatoxin Total: 4.0 ppb max. Aflatoxin b1: 2.0ppb max. TPC: 30 000 cfu/g max. Yeast and Moulds: 20 000 cfu/g max. E.Coli: Absent. Salmonella: Absent. |
SPOT NEW JERSEY
| Style | Quantity (kg) | Boxes/Cartons | Opening Price (USD/kg EXW) |
|---|---|---|---|
| Style 5 | 4 536 | 400 | 5.50 EXW |
| Total | 4 536 | 400 | 5.50 EXW |
Additional Specifications:
|
FSSC, Halal, Kosher. COA’s available on request. Kenyan Origin. Crop Year: 2024. Packing: Vacuum packs of 11.34 kg boxes. Location: SPOT, New Jersey. |
FFA: 0.5% max. PV: 3.0 Meq/kg max. Aflatoxin Total: 4.0 ppb max. Aflatoxin b1: 2.0ppb max. TPC: 30 000 cfu/g max. Yeast and Moulds: 20 000 cfu/g max. E.Coli: Absent. Salmonella: Absent. |
South African 2025 Clearance Sale
| Style | Quantity (kg) | Boxes/Cartons | Style Description |
|---|---|---|---|
| Style 1 | 215 | 19 | 16-20 mm, 90% Wholes |
| Style 1S | 136 | 12 | 13-17 mm, 90% Wholes |
| Style 4S | 158 | 14 | 10-14 mm, natural blend |
| Total | 509 | 45 | Mixed clearance lot |
| Offer Basis | Whole lot | Clearance Price | R85 000 EXW |
|---|---|---|---|
| Origin | South Africa | Crop Year | 2025 |
| Certification | FSSC, Halal | COA | Available on request |
Additional Specifications:
|
FSSC, Halal. COA’s available on request. South African Origin. Style 1/1L: 16-20 mm 90% Wholes. Style 1S: 13-17 mm 90% Wholes. Style 4S: 10-14 mm natural blend. |
FFA: 0.5% max. PV: 3.0 Meq/kg max. Aflatoxin Total: 4.0 ppb max. Aflatoxin b1: 2.0ppb max. TPC: 30 000 cfu/g max. Yeast and Moulds: 20 000 cfu/g max. E.Coli: Absent. Salmonella: Absent. |
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In The News…
7 April 2026:
🌍 Global Macadamia flags strong early supply signals, but NIS uncertainty and Style 4 carryover
3 April 2026:
🇻🇳 Việt Nam’s supply chain role grows as Maersk flags logistics strengths and labour gaps
2 April 2026:
🇿🇦 South Africa’s nut exports rise as macadamias lead growth and EU stays dominant
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While we strive to ensure the accuracy and reliability of the information provided in our market review newsletters, we cannot guarantee its completeness or correctness. The data and insights presented are based on the best available sources and our thorough analysis. However, market conditions can change rapidly, and unforeseen factors may impact the accuracy of this information. Additionally, any statements, quotes, or opinions attributed to third parties do not necessarily reflect the views of MSM, and MSM cannot be held responsible for their content or implications. Likewise, MSM cannot be held liable for how our content is interpreted, quoted, or used by others outside its original context. Therefore, MSM cannot be held liable for any decisions or actions taken in reliance on the content of these newsletters.