Nuts

Cashews: new export record in August

September 27, 2023 at 12:44 PM , Der AUDITOR
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HANOI. Vinacas reports that Vietnamese cashew exports reached a new record high in August 2023. Overall, Vietnam's cashew exports in the first eight months of the year are impressive.

Significantly higher exports

As announced by the Vietnam Cashew Association (Vinacas), citing the Vietnam Ministry of Customs, the country's cashew exports in August stood at 60,580 mt worth USD 333.83 million. This represents a 10.8% increase in volume and a 9.7% increase in value compared to July 2023, but the year-on-year comparison is even clearer: 29.2% more cashews were shipped overseas in August 2023 than in August 2022, and the increase in value was 21.8%. According to Vinacas, a new record value was thus achieved in August this year. The average export value in August 2023 was USD 5,510/mt, which is 5.7% less than in August 2022.

Average export price slightly lower

Overall, Vietnam's cashew exports in the first eight months of 2023 stood at nearly 395,600 mt valued at USD 2.28 billion, up 15.5% in volume and 11.3% in value compared to the same period last year. The average export price was USD 5,760/mt, down 3.6% from the same period in 2022. Export increases were recorded mainly to important markets such as the United Arab Emirates - where the percentage growth was in the double digits - but exports to China, Germany and the United Kingdom also increased compared to last year.

Indian prices pick up

Vietnam has already revised its export target for 2023 downwards several times, as adverse circumstances meant that the original target could no longer be met. Ambitions are now high to reach the newly set target of USD 3.1 billion. Work is also underway to rehabilitate factories and increase the yield and quality of Vietnamese cashew trees - the country currently relies on more than 50% imported raw materials to meet export demand. Cambodia, India and African origins are among the most important suppliers. Prices in India have increased slightly in recent weeks and are currently at USD 7,105/mt FOB India for cashews, W240.

Cashews, India

Type

USD/mt

LWP

8,470

SWP

7,820

W240

7,105

W320

6,475

W450

5,810

FOB India

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