Cashews: prices reach highest level of the year
October 23, 2024 at 4:01 PM ,
Der AUDITOR
Exports have risen significantly
Vietnamese cashew exports continue to be excellent, as reported by the Vietnam Cashew Association (Vinacas). In September, around 60,000 mt of cashew nuts worth USD 393.4 million were shipped overseas, representing a volume increase of 10.1% and a value increase of a whopping 34.8% compared to the same month last year. The average export price was USD 6,560/mt, an increase of 22.5% compared to September 2023 and the highest price so far in 2024. In total, Vietnam exported 581,130 mt of cashews worth USD 3.38 billion in the first nine months of the year, which is 28% more in volume and almost 33% more in value than in the same period last year.
Numerous reasons
According to Vinacas, there are many reasons for the latest price increases. The decline in Vietnamese imports of RCN by a good 10% has certainly contributed to this. This has led to a shortage of supply and is partly due to poorer crops in some West African growing countries. This shortage is being met by high demand from important buyer countries such as China; strong competition is also driving up prices. To make matters worse, exchange rate fluctuations and unfavourable weather conditions due to climate change have driven up production costs considerably and made them difficult to predict. Finally, geopolitical tensions in various parts of the world are also playing a role.
All of this is pushing up prices in Vietnam, but also in other important origins such as India. While prices for Indian cashews, W320, were still at USD 7,990/mt FOB at the beginning of the month, they have already risen to USD 8,015/mt FOB.
|
Cashews, India |
|
|
Type |
USD/mt |
|
LP-1 9/15 |
9,885 |
|
LWP |
6,670 |
|
SWP |
6,005 |
|
W320 |
8,015 |
|
W450 |
7,300 |
|
FOB India |
|
EU increases imports
The EU imported a total of 144,720 mt of cashew nuts in the period from 1 January to 20 October 2024, an increase of 7.4% compared to the same period last year. Vietnam is by far the most important supplier with almost 104,000 mt, followed by Côte d'Ivoire (+21.6% to 17,912 mt) and India (-9.3% to 7,686 mt). Benin was able to increase its exports to EU countries by almost 150% to more than 3,000 mt, and Nigeria also supplied significantly more cashews to the EU. The most important buyer countries within the EU are the Netherlands (52,990 mt), Germany (38,500 mt) and Spain (13,970 mt).
|
EU cashew imports, in mt |
|||
|
Supplier |
2023 |
2024 |
Diff. |
|
Vietnam |
98,279 |
103,926 |
5.7% |
|
Côte d'Ivoire |
14,730 |
17,912 |
21.6% |
|
India |
8,472 |
7,686 |
-9.3% |
|
Benin |
1,226 |
3,058 |
149.4% |
|
Nigeria |
1,518 |
2,147 |
41.4% |
|
Others |
10,493 |
9,991 |
-4.8% |
|
Total |
134,718 |
144,720 |
7.4% |
|
DG AGRI TAXUD Customs Surveillance System, 01/01-20/10 |
|||
View more
- price charts for edible nuts
- price charts for dried fruit, oilseeds, spices and more
Attached Files
View related articles
