In 2023, the profit margins of Australian almond growers will be severely squeezed due to a decrease in production, a reduction in yield per unit area, and an increase in production costs. With the commencement of the 2024 Australian almond harvest season, industry forecasts indicate that this year's almond kernel production will reach 164,000 tons (KWE), marking a 59% increase compared to last year's official data.

Analyst Pia Piggott pointed out that the significant improvement in the harvest outlook is expected to drive the growth of Australian almond exports. On average, 80% of Australia's almond production is used for export. According to data, as of November 2023, the export volume of Australian almond increased by 8% year-on-year, surpassing the total production in 2023. This led to a notable decrease in carryover.