Cashews: good sales in Tanzania
November 7, 2024 at 3:30 PM ,
Der AUDITOR
Price adjustments in Tanzania
As the experts at Ofi report, the cashew harvest is in full swing in the southern hemisphere and Tanzania has started its first auctions. The crop in the African country is impressive and around 100,000 mt have been auctioned so far. Prices were initially very high, but have since fallen and adjusted to the international market. However, the prices for cashews have not yet been adjusted to the prices for unshelled goods; there must be either a price increase for kernels or a decrease for in-shell cashews in the near future. How the further auctions go is now likely to depend to a large extent on the further course of the harvest; local market players told Ofi that the crop may turn out to be smaller than hoped for.
Weak demand in India
Experts from Vietnam are reporting stable demand for unshelled goods, as remaining stocks here are at an all-time low. Prices for Vietnamese cashews, WW320, are currently at EUR 6.26/kg EXW Poland, but could still rise if commodity prices increase.
Indian importers, however, are holding back on purchases, which is putting downward pressure on prices in Tanzania. In India, there has been little movement in cashew prices over the last two weeks due to the Diwali festival; cashew kernel prices, W320 were last at USD 8,025/mt FOB India.
|
Cashews, India |
|
|
Type |
USD/mt |
|
LP-1 9/15 |
9,885 |
|
LWP |
6,680 |
|
SWP |
6,015 |
|
W320 |
8,025 |
|
W450 |
7,310 |
|
FOB India |
|
Holidays determine demand
According to Ofi, international demand for cashew nuts is currently stable and is mainly driven by Christmas and Chinese New Year. So far, there has not been the expected increase in demand, which could be due to the high prices, among other things. The majority of buyers also appear to be sufficiently stocked up.
Slight increase in EU imports
EU cashew imports in the period from 1 January to 5 November 2024 were 5.5% higher in nominal terms than in the same period last year. Vietnam is by far the most important supplier, shipping more than 108,000 mt of cashews to Europe in the period mentioned. It is followed by the Côte d'Ivoire with just under 19,000 mt and India with 8,642 mt. Although African origins such as Benin and Nigeria do not come close to the top three places, they were able to significantly increase their shipments to the EU in percentage terms.
|
EU cashew imports, in mt |
|||
|
Supplier |
2023 |
2024 |
Diff. |
|
Vietnam |
105,612 |
108,557 |
2.8% |
|
Côte d'Ivoire |
15,468 |
18,736 |
21.1% |
|
India |
8,969 |
8,642 |
-3.6% |
|
Benin |
1,261 |
3,189 |
152.9% |
|
Nigeria |
1,567 |
2,229 |
42.2% |
|
Others |
11,160 |
10,637 |
-4.7% |
|
Total |
144,037 |
151,990 |
5.5% |
|
DG AGRI TAXUD Customs Surveillance System, 01/01-05/11 08013200 Fresh or dried cashew nuts, shelled |
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