Cashews: EU buyers enjoy low prices
September 9, 2024 at 11:49 AM ,
Der AUDITOR
Historically low prices in EU
At 117,412 mt EU imports still range at a record high this year, yet only in terms of volume. While the import volume stands 5% higher than last year for January through to August, the import value has declined to a three-year low of EUR 628 million (USD 694 million). This is relatively flat on the EUR 631 million (USD 697 million) recorded in the same period last year. However, the average import price has slumped to a record low of EUR 5.35/kg (USD 5.92/kg).
Vietnam accounts for 71% of total EU imports and has increased shipments by 4% this year so far. Although Côte d’Ivoire has stepped up shipments by a more impressive 17%, the volumes shipped are far less. Contrary to this, shipments form India have declined. Benin has witnessed the sharpest upsurge in shipments of 164% and Ghana the sharpest decline of 35%. The Netherlands account for 37% (43,160 mt) of all EU imports, followed by Germany with 27% (31,270 mt) and Spain with 10% (11,850 mt).
|
EU cashew nut imports (mt) |
|||
|
Partner |
2023 |
2024 |
Diff. |
|
Vietnam |
80,524 |
83,709 |
3.9% |
|
Ivory Coast |
12,368 |
14,421 |
16.6% |
|
India |
7,415 |
6,574 |
-11.4% |
|
Benin |
996 |
2,628 |
163.8% |
|
Nigeria |
1,222 |
1,910 |
56.3% |
|
Burkina Faso |
1,918 |
1,433 |
-25.3% |
|
Tanzania |
574 |
1,308 |
127.9% |
|
Brazil |
2,330 |
1,182 |
49.3% |
|
Ghana |
1,308 |
844 |
-35.5% |
|
Mozambique |
590 |
728 |
23.4% |
|
Togo |
408 |
481 |
17.9% |
|
Indonesia |
560 |
473 |
-15.6% |
|
Guinea-Bissau |
480 |
349 |
17.3% |
|
Kenya |
131 |
250 |
-9.2% |
|
Others |
615 |
1,122 |
82.4% |
|
Total |
111,439 |
117,412 |
5.3% |
|
DG TAXUD Customs Surveillance, provisional data, 01/01-08/09 |
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Low supplies in India
Cashew nut imports to the EU have declined continuously since 2019 when they still ranged more than double as high at 13,623 mt for January through to August. As local media report the industry has been hit hard this year. Not only have leading producing countries such as Côte d’Ivoire and Benin imposed export restrictions for raw cashew nuts, which is making it harder for processors to find supplies, but erratic rain also hit the domestic crop in the state of Kerala.
Some processors report that they were only able to source as little as 20% of the volumes required to meet demand and rising wages are adding to chaos, which has forced quite a few processors to close. While reports highlight that cashew kernel prices have risen sharply in Kerala this year, the price levels for W320 kernels rather show a slow but prolonged rise in recent months. The prices for this variety presently range USD 0.15/kg higher than last year.
|
Cashews, India |
|
|
Type |
USD/mt |
|
LP-1 9/15 |
9,865 |
|
LWP |
6,605 |
|
SWP |
5,940 |
|
W320 |
7,905 |
|
W450 |
7,235 |
|
FOB India |
|
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