Nuts

Cashews: Vietnam's exports continue to decline

October 12, 2022 at 12:40 PM , Der AUDITOR
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HANOI. The crises on the world markets have not left Vietnam's cashew industry untouched; exports have declined significantly both in value and volume. Germany's imports paint a similar picture.

Exports have fallen sharply

As reported by the Vietnam Cashew Association (Vinacas) in reference to Vietnam's Ministry of Industry and Trade, Vietnam's cashew exports in the first nine months of 2022 stood at 382,000 mt valued at USD 2.29 billion. This represents a decrease of 10.6% in volume and 14% in value compared to the same period last year. The average export price was USD 5,992/mt. In September, exports totalled 40,000 mt worth USD 245 million, down 22.2% in volume and 28.2% in value compared to September 2021, according to the customs office.

Russia's ongoing war in Ukraine is affecting Vietnam's cashew exports, as inflation and even recession in some destination countries are significantly reducing purchasing power. For example, demand initially increased in the USA, but imports are likely to be cut back in the remaining months of the year; high-priced products, which include cashews, are unlikely to remain the focus of buyers. Hopes are pinned on the markets in China and the EU - here free trade agreements have facilitated exports and buying interest remains high. Particularly in demand are the W320 variety, which accounts for over 40% of total exports, followed by W240 cashews at 14%.

Cashew kernels

Type

EUR/kg

USD/kg

WW320, Vietnam, FCA Spain

6.05

5.88

Large white pieces, Vietnam, FCA Spain

4.90

4.76

W320, FOB India

8.44

8.20

W240, FOB India

9.11

8.85

Trade sources

India's exports to Germany slump

German cashew imports show a slight decline. Between September 2021 and July 2022, a total of 53,225 mt of cashew kernels were imported, 5.8% less than in the same period last year. Shipments from Vietnam, the most important source country, remained almost unchanged, while India's exports to Germany slumped by over 70%. In contrast, imports from the Netherlands (+97.5% to 4,194 mt), Cote d'Ivoire (+231.2% to 2,987 mt) and Honduras (+967% to 2,326 mt) increased significantly.

Cashew* imports, Germany, in mt

Supplier

2020/21

2021/22

Diff.

Vietnam

35,096

35,135

0.1%

India

14,179

4,223

-70.2%

Netherlands

2,124

4,194

97.5%

Cote d'Ivoire

902

2,987

231.2%

Honduras

218

2,326

967.0%

Indonesia

1,327

1,551

16.9%

Brazil

837

624

-25.4%

Burkina Faso

497

624

25.6%

Mozambique

470

357

-24.0%

Nigeria

259

202

-22.0%

Others

620

1,002

61.6%

Total

56,529

53,225

-5.8%

Federal Statistical Office of Germany / Sep-Jul

*08013200 Fresh or dried cashew nuts, shelled

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