The market share of Vietnamese cashew nuts in the US has increased to 48.4% in the first two months of 2018. In 2017/18, cashew nuts were lost on a large scale in many localities such as Da Te, Da Huai, Cat Tien (Lam Dong), Bu Gia Map (Binh Phuoc)... due to unfavorable weather, and uncaring of many cashew growers . According to estimates by the Vietnam Cashew Association (Vinacas), the output of cashew nuts in the 2017/18 season of the country reached about 300,000 tons, lower than the initial estimate of 400,000 to 500,000 tons.
In addition to reduced productivity, cashew nuts in the country also reduced in quality, has affected the price of goods. In the middle of April, the price of raw cashew nuts in Binh Phuoc province was only 29,000 VND / kg, down by12,000-14,000 VND / kg compared with the beginning of the season. In other localities, the price of raw cashew nuts remained at 33,000-35,000 VND / kg depending on quality.
According to statistics from the General Department of Customs, cashew nut exports in March 2018 reached 28.5 thousand tons, worth $ 286 million, up 86.2% in volume and up 81.9% in value over February of this year, it increased by 17.9% in volume and 24.6% in value against March. For the first three months of 2018, cashew nut exports totaled 74.4 thousand tonnes valued at $ 756.3 million, up 34.2 percent in volume and 47 percent in value over the first three months of 2017.
The average export price of cashew nut in March was down by 2.3% from February 2018, but up 5.7% from March. In the first three months of 2018, the average export price of cashew nuts was up 9.5% from the first three months of 2017.
In March, the average export price of cashew nuts to Hong Kong reached $ 11,901 per tonne, up 5.7 percent over February and up 8.6 percent from March. In the first three months of 2018, the average export price of cashew nuts to Hong Kong reached $ 11,629 per tonne, up 12.6 percent from the first three months of 2017.
In March, the average export price of cashew kernels to the Canadian market increased compared to February 2018, while exports to other major markets decreased. Specifically, average cashew exports to South Africa, the Netherlands and Singapore decreased by 5.7%, 5.9%, 11.6%, to $ 11,050 / tonne, USD10,726 per tonne, USD10,785 per tonne.
In the first three months of 2018, exports of cashew nuts to most major markets increased over the same period last year, except for exports to Australia fell 29.4% in volume and down 24.7% in value.
According to the US International Trade Commission, in the first two months of 2018, cashew nut imports of this country reached 37.8 thousand tons, worth $ 255.39 million, up 12.7% in volume and up 13.4% % in value compared with the first 2 months of 2017. In which, cashew nut imports from Vietnam in the first 2 months of 2018 increased sharply over the same period of 2017, thanks to that the market share of Vietnam in total import of The United States increased from 42% in the first two months of 2017 to 48.4%.
On the world market, 10 days between April 2018, cashew prices in the world market decreased compared with the same month last month. The cashew nut price is expected to decrease in the coming time due to the fact that cashew nuts have been harvested in many countries such as Vietnam, India, Nigeria, Ghana and Cambodia.
In Africa, the supply of good quality cashew is abundant, high inventory. Even so, the price of cashew nuts will not fall sharply as demand from the global market will rise sharply. According to the survey, in the United States, instead of eating three main meals, many people are divided into smaller meals a day and cashew nuts are one of the preferred food.
Source: Vietnam Custom
Editor: Rosie Khong