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Pecan Federation Making Progress on India Tariffs

The National Pecan Federation has been working with the esteemed Redding Firm as their liaison and advisor to navigate the world of policy in Washington DC. 

 

Due to collaboration with the Redding Firm the National Pecan Federation has been able to affect policy that brings pecan growers to the table for discussions in things such as disaster relief, tree loss programs, funding for research of growing and processing pecans, and many other items on their growing agenda. 

 

The Redding Firm and the Pecan Federation have recently made big strides in the effort to reduce tariffs on pecans shipped to India. The current tariff on US pecans entering India is 100% which unjustifiably prices the nut out of the market. Pecan shipments to India are almost non existent due to this issue. The Redding Firm and The National Pecan Federation recently released a statement on the progress being made on the India tariffs issue and the forecast looks very positive. 

 

To preface the good news from the Pecan Federation, I’ll put this Issue into perspective. We are looking at a market (India) that is currently the world’s 5th largest economy and expected to be the world’s 3rd largest economy by 2027-28, only 4 to 5 years away. 

 

While there are differing opinions on the current size of the middle class in India, the World Economic Forum projected the middle class to be around 600 million people ten years ago in 2012. The entire population of the US is only around 330 million, meaning that the middle class population in India is larger than the entire population of the US, which I’ll add, is currently the largest consumer of American Pecans according to pecan shipment data. 

 

The Pecan Federation recently released a statement saying “The India Ministry of Finance has released their proposed 2023 Union Budget and updates to custom duties. Included is a 70 percent reduction in the import tariff for pecans, from 100 percent to 30 percent.”

 

Check the full release by clicking the link below. 

 

As a pecan farmer and exporter I would like to say congratulations and thank you to the Redding Firm and the National Pecan Federation for the efforts and results derived from your work.