Pecan prices are up nearly 100% over the past three years to $2.14/pound, largely due todemand from China.
Five years ago, the Chinese purchased virtually no pecans, but now consumer one-fourth of the $550MM U.S. crop. The surge in demand comes from the Chinese consumers who believe eating pecans will benefit the brain in both young and old. The rising demand for pecans is good news for American farmers, with almost one fifth of Chinese imports from America going to food products ($16.6bn).Exports to China have doubled overall since 2005, but food commodities and processed foods have more than tripled (with pecans up by a factor of 20).
US food exports include soybeans, rice, fruit juice and dairy (surprising given that many Chinese are lactose-intolerant).
