Nuts

Cashews: export target to be corrected

August 10, 2022 2:34 PM, Der AUDITOR
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HANOI. The original plan of the Vietnamese cashew industry was to export cashews worth USD 3.8 billion in 2022. However, various difficulties mean that this export target is now to be revised downwards.

Exports and imports show sharp decline

Vietnamese cashew exports show a strong decline compared to last year, as the Vietnam Cashew Association (Vinacas) reports. The association cites data from the Ministry of Industry and Trade according to which July exports fell by 17.5% in volume and 26.1% in value compared to the same month last year. Overall, exports reached 294,000 mt worth 1.76 billion in the January-July 2022 period, also down more than 10% from the same period last year. Vinacas explains the lower values by the massive increase in freight rates due to the Covid-19 pandemic. These difficulties are now having far-reaching consequences: The Vietnamese cashew industry is pleading for the original export target of USD 3.8 billion to be reduced by USD 600 million to only USD 3.2 billion.

Imports have also been lower so far than in 2021. As reported by Vinacas in reference to the Vietnam Customs Office, just under 1.26 million mt of RCN worth almost 1.84 billion were imported by 15 July 2022, down 670,000 mt or 34.8% from the same period last year. High inflation in many countries is affecting purchasing power and thus both imports and exports.

Prices down

Prices on the European spot market have fallen slightly in recent weeks. Cashew kernels, WW320 from Vietnam are currently at 6.30 EUR/kg FCA Spain.

Cashew kernels

Type

EUR/kg

USD/kg

WW320, Vietnam, FCA Spain

6.30

6.44

WW240, Vietnam, FCA Spain

6.60

6.74

WW320, Côte d'Ivoire, FCA Spain

6.40

6.54

W320, FOB India

8.06

8.24

W240, FOB India

8.70

8.89

Trade sources

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