Surge in Walnut Imports
The Imports of American walnuts into India have recently witnessed a monumental surge. From September to November 2023, imports of these Californian delights soared to more than double compared to the same period in 2022. The catalyst behind this spike was the Indian Government's strategic withdrawal of additional customs duties, a retaliatory measure imposed earlier.
Presidential Presence and Policy Shifts
A pivotal moment in this walnut resurgence occurred when the US President graced India with his presence during the G20 conference on September 9-10, 2023. Mere days before this diplomatic rendezvous, the Indian government made a significant announcement – the abolition of additional import duties on several American products, including the beloved walnuts. This extra duty had been levied in 2019 in response to the US government's tariff hike on specific steel and aluminium imports from India.
PM's Visit to the US
Fast forward to when the Indian Prime Minister embarked on his inaugural state visit to the US. In the middle of the discussions to resolve disputes pending in the World Trade Organization (WTO), an agreement was reached to rescind the additional import duty on certain American goods. Consequently, India imposed a 10 percent duty on American chickpeas, 20 percent on lentils, and much more.
The History Of Walnut Trade
The walnut waltz between the US and India commenced in 2013, reaching its zenith with a staggering 14,385 tonnes in 2016-17. However, this golden era waned, dwindling to 3,552 tonnes in the financial year 2021-22. Notably, during 2017-18, US products dominated India's walnut imports with a commanding 70 percent share, which dwindled to approximately 15 percent in 2022-23. Meanwhile, Chilean walnuts experienced an opposing trajectory, surging from 29.7 percent to an impressive 75.3 percent share during the same period.
Snapshots Of The Trade Metrics
Delving into the specifics, official data illuminates the shift. In September-November 2022, 1496 tonnes of walnuts traversed from America to India. Fast forward to the corresponding period in 2023, and this figure surged dramatically to an impressive 3538 tonnes.
Conclusion
The rekindled love affair with American walnuts paints a picture of strategic policy shifts and diplomatic policies, ultimately contributing to a flavorful trade revival. As India welcomes this golden harvest, the surge in walnut imports marks a sweet victory for both nations, displaying the importance of international trade relations.
