Many pine nut dealers go bankrupt after price crash
Pine nuts stored in a godown in Azad Market in the Wazir Subdivision. Photo: Express
There has been a massive decline in the prices of pine nuts which has inflicted millions of rupees losses on the farmers in North and South Waziristan tribal districts of Khyber-Pakhtunkhwa (K-P).
Nuts are produced in Waziristan for thousands of years which are in great demand due to its high quality. However, in the past one and a half decade the prices reached an all-time high which left it out of the reach of majority of buyers. The price hike on the other hand, had a very pleasant effect on the growers who were able to make handsome profits.
Dealers told The Express Tribune that there was more than 50 per cent reduction in the prices this season which had left many of them bankrupt. Last year pine nuts were sold at Rs250,000 per 50 kilogram compared to this year’s prices at Rs100,000 per 50 kilogram.
“In the past good quality pine nuts were sold at Rs8,000 per kilogram but this year it stands at Rs3,000 per kilogram in Waziristan,” claimed a local dealer Yasin, adding that there were no buyers for the second or third grade nuts at all.
“Many dealers are dependent on this cash crop of Waziristan and they have incurred millions of rupees losses this season,” he added.
About the factors responsible for the decline in the prices, dealers said that the uncertain situation in Afghanistan had a very negative impact on both the import and exports in addition to the fact that it was very difficult to reach the pine forests in Shawal, Lataka and other parts of Waziristan after security forces imposed a ban on the movement following terrorism attacks.
“There are few buyers so the prices have dropped massively,” he maintained.
In Pakistan, the biggest market of pine nuts is situated in the former Frontier Region (FR) Bannu now called Wazir Subdivision. The market is known as Azad Mandi which supplies pine nuts worth one billion rupee to China, Gulf and other international markets each year. Afghanistan is also a supplier of nuts to this market. The production of pine nuts in Waziristan is estimated at 30,000 kilogram in minimum.
Published in The Express Tribune, November 3rd, 2021.