HS Code:
The Nut Oils category, primarily classified under HS Code 1515 (fixed vegetable fats and oils, including nut oils like walnut, almond, and hazelnut oils), encompasses a range of edible and non-edible oils derived from various nuts. These oils are used in food processing, cosmetics, and industrial applications due to their unique flavor profiles and health benefits, such as high levels of unsaturated fats and antioxidants. The global trade of nut oils is driven by demand for healthy cooking oils, premium gourmet products, and natural ingredients in personal care products. Key varieties include almond oil, walnut oil, and hazelnut oil, with production often concentrated in regions with significant nut cultivation.
Total Trade Volume
Approximately $1.2 billion USD
Data from 2022
Source
United Nations Comtrade Database & International Trade Centre (ITC)
$320 million USD
26.7% of total trade of total trade
Increasing
$250 million USD
20.8% of total trade of total trade
Increasing
$180 million USD
15.0% of total trade of total trade
Stable
$120 million USD
10.0% of total trade of total trade
Increasing
$90 million USD
7.5% of total trade of total trade
Stable
Average Rate
5.8% ad valorem
Highest Rate
15% (applied by certain developing countries to protect domestic industries)
Lowest Rate
0% (under free trade agreements like EU-USMCA or within EU single market)
Rising demand for organic and cold-pressed nut oils
Increased market share for premium products, driving up prices and encouraging sustainable farming practices in major producing regions.
2021-2023
Growth in cosmetic industry applications
Higher export volumes to markets like France and South Korea, where nut oils are used in skincare and haircare products.
2020-2022
Shift toward plant-based diets
Boosted demand for nut oils as alternatives to animal fats, particularly in North America and Europe.
2019-2023
The European Union introduced stricter maximum residue limits (MRLs) for pesticides in imported nut oils to ensure consumer safety.
March 2023
Exporters from developing countries may face higher compliance costs, potentially reducing trade volumes to the EU in the short term.
A bilateral agreement reduced tariffs on Turkish hazelnut oil exports to the US, boosting trade between the two countries.
July 2022
Increased Turkish exports by an estimated 12%, strengthening Turkey's position in the US market.
Severe drought conditions in Spain, a leading almond oil exporter, led to a 15% drop in production, tightening global supply.
September 2022
Global prices for almond oil rose by 8%, benefiting competitors like the US while straining importers reliant on Spanish supply.