Assessing the need of financial products by pecan nut producers
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The pecan nut industry in South Africa is relatively underdeveloped, yet it shows potential for financial growth for South Africa when considering that it accumulated $1 585 in exports to the United States from January 2017 to July 2017 (United States Department of Agriculture, 2017) Moreover, the main importer of South African pecan nuts is China. In light thereof is evident that the pecan nut industry is a vastly growing industry with great potential. To this effect, this study was conducted to generate a clear perspective of the pecan nut industry in South Africa. Limited information is available on the pecan nut cycle, its associated insurance, and the financing of products. Various stages of plantation can be found in different provinces, but in the Hartwater region, the majority of farmers are pecan nut farmers. Therefore, well-established pecan nut plantations were visited in the Hartswater region. The combined experience of these pioneering farmers was used to establish pecan nut cycle requirements for optimal production within South Africa. The South African farmers are utilising practices and guidelines in accordance with Texas. Therefore relevant South African information was researched since conditions between these countries are not identical. A major gap in the pecan nut industry can be attributed to the lack of insurance and financing products available. These critical aspects were evaluated in accordance to the pecan nut farmers' challenges, needs and recommendations were suggested to address these shortcomings.