Nuts

Cashews: cautious export target

March 22, 2023 at 2:43 PM , Der AUDITOR
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HANOI. Vietnam may have lowered its export target for 2023 but still remains the world's leading exporter for cashew kernels.

Inflation weighs on purchasing power

According to the Vietnam Cashew Association (Vinacas) the country has been the world's leading cashew exporter for 16 years and accounts for 80% of global cashew kernel production. Official customs statistics show that Vietnam exported cashew kernels worth USD 3.07 billion in 2022 and that production ranged at 514,699 mt. The USA, China and the Netherlands as well as Germany are the most important export destinations for Vietnam.

Other producing countries such as Côte d'Ivoire are, however, gaining market shares from Vietnam. Issue is also that inflation is high in many importing countries, which has reduced spending. Since cashews are not considered as staple food this has also cut Vietnam's exports short. The country was not able to meet its revised export target of USD 3.2 billion in 2022 with the initial target being USD 3.8 billion.

Prices are up in Europe

Vinacas has set a more cautious export target of USD 3.1 billion for 2023 as inflation and other disruptions will remain an issue. Prices have climbed in Spain. WW320 cashew kernels are trading at USD 6.68/kg (EUR 6.10/kg) FCA Spain.

Cashew kernels

Type

EUR/kg

USD/kg

WW320, Vietnam, FCA Spain

6.20

6.68

WW240, Vietnam, FCA Spain

6.40

6.90

W320, FOB India

7.42

8.00

W240, FOB India

8.02

8.65

Trade sources

 

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