Nuts

Cashews: new cargo ship route facilitates exports

November 29, 2021 at 3:21 PM , Der AUDITOR
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HANOI. As Cornhouse and the INC report, there are more than enough cashews available on the world markets. Exports are causing some difficulties, but these should be eased by a new container ship route in the Indian Ocean.

Record imports to Vietnam

As the experts at Cornhouse report, cashew sales are currently sluggish. The market seems saturated and only a few buyers are currently showing interest. Moreover, there seem to be more than enough nuts on the market. Between January and October 2021, Vietnam imported a total of 2.87 million mt of RCN, which is an all-time record. According to rumours, about 500,000 mt of the raw nuts are in the warehouses of financially strong Vietnamese companies.

2022 harvests are imminent

This year's global cashew production is estimated by the International Nut and Dried Fruit Council (INC) at 3.95 million mt, a 3% increase over the 2020/21 season. Considering now that the 2022 harvests are also not far off, it can be said that there will be sufficient goods available on the world market in the coming months. India will start the harvesting process in January/February; according to Cornhouse, the crop volume here could amount to around 650,000 mt. The harvests in Vietnam and Cambodia will follow in February/March.

Prices on the European spot market are mainly unchanged compared to last week. Cashews, WW320 from Vietnam are stable at EUR 6.80/kg FCA Spain.

Cashew kernels, Vietnam

Type

EUR/kg

WW320

6.80

Large White Pieces

4.80

Small Pieces

3.15

FCA Spain

New route for container ships

Some relief, especially for Vietnamese and Indian cashew exporters, should come from the new container ship route that opened last week (25 November). It is the first route of its kind to directly connect Vietnam, Malaysia and India, and ships save about ten days on their journey compared to previous routes. This is reported by the Vietnam Cashew Association (Vinacas), citing the Vietnam Maritime Corporation (VIMC). Especially in the current difficult pandemic times, when freight rates have increased eightfold in some cases and import-export companies have suffered heavy losses, simplifications of this kind are welcomed with open arms.

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